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    EUR/USD printing new monthly tops above 1.1400, Draghi eyed Dhwani Mehta

    The EUR/USD pair clinches fresh four-week tops in the Asian trades this Thursday, and now consolidates the upside before the next push higher, as all eyes now remain on the ECB Chief Draghi’s speech scheduled at European opening bells. EUR/USD: Bulls stay in control Currently, EUR/USD trades 0.17% higher at fresh four-week highs of 1.1415, having taken-out all major DMAs on its way higher. The main currency pair extends its post-NFP upbeat momentum into a fifth day today as the bulls benefit from persisting broad based US dollar weakness in wake of a no summer Fed rate hike, as reflected by the CME FedWatch tool showing a mere 4% probability of a Fed hike next week.Moreover, a solid comeback staged by the German bund yields a day before, also provided fresh impetus to the EUR. The benchmark 10-year German bund yields fell to a record low of 0.033%, down -27% on the day, before rebounding sharply to close the day lower by only -3.33% at 0.058%.Next in focus for the major remains the German trade data ahead of the ECB Chief Draghi’s speech at the Brussels Economic Forum. Meanwhile, the German surplus is expected to decline to €22.8 billion, following €26.0 billion a month ago. EUR/USD Technical Levels In terms of technicals, the pair finds the immediate resistance 1.1450 (psychological levels). A break beyond the last, doors will open for a test of 1.1478/1.1500 (daily R3/ round number) On the flip side, the immediate support is placed at 1.1389/76 (daily pivot/ 5-DMA) below which at 1.1335/06 (1h 100-SMA/ 50-DMA) could be tested. 


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