EUR/USD surges to fresh highs since August 2015, near 1.1700 handle

The EUR/USD pair finally broke out of the European session consolidation phase and refreshed multi-month highs near the 1.1700 handle during early NA session.

A fresh wave of greenback selling interest, with the key US Dollar Index sinking to fresh YTD lows near mid-93.00s, is turning out to be an exclusive driver of the pair's sharp up-move over the past hour or so. Even a goodish recovery in the US Treasury bond yields failed to provide any immediate respite and stall the pair's strong up-move to the highest level since August 2015.

Meanwhile, today's release of upbeat German IFO survey remained supportive of the already bullish sentiment surrounding the shared currency, which has been gaining traction on growing optimism over a possible ECB tapering at the September meeting. 

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Traders now look forward to the release of Conference Board's Consumer Confidence Index from the US, where a weaker reading could help the pair to push through the 1.1700 handle and extend its near-term bullish trajectory.

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Technical levels to watch

A follow through buying interest beyond the mentioned handle has the potential to lift the pair towards August 2015 highs resistance near the 1.1715 region en-route its next major hurdle near 1.1755-60 area. On the downside, 1.1660 level now becomes an immediate support to defend, which if broken could accelerate the slide towards 1.1625-20 strong horizontal support ahead of the 1.1600 round figure mark.