27 Jul 2015
EUR/USD hovers around 1.1000 – key levels
FXStreet (Mumbai) - The shared currency extends its upward trajectory into a fifth day versus the US dollar in mid-Asia, pushing EUR/USD to fresh session highs above 1.10 handle. The major is seen picking up pace on the back of broad based US dollar weakness as weak US home sales data continue to weigh on the greenback.
EUR/USD rises from 1.0971
The EUR/USD pair trades 0.18% higher at fresh session highs of 1.1005, finally reclaiming 1.10 handle. The bid tone around the EUR/USD pair keeps growing bigger in the mid-Asian session as the European currency continues to benefit from the recent Greek optimism and broad USD weakness.
Optimism returned to currency markets last week and boosted the EUR/USD pair, when Greece's parliament approved by a wide margin a second set of economic reforms demanded by its international creditors, opening the way to detailed negotiations on a third bailout for the country.
Moreover, Friday’s mixed data with US new homes sales unexpectedly plummeting in June continued to weigh on the greenback’s strength, aiding the EUR/USD pair.
Looking ahead, markets now await the Ifo Business Climate Index in Germany while US durable goods orders data will be closely watched ahead of Wednesday’s FOMC decision.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1019 (July 23 High) levels, above which gains could be extended to 1.1036 (July 15 High) levels. On the flip side, support is seen at 1.0971 (Today’s Low) below which it could extend losses to 1.0924 (July 24 Low) levels.
EUR/USD rises from 1.0971
The EUR/USD pair trades 0.18% higher at fresh session highs of 1.1005, finally reclaiming 1.10 handle. The bid tone around the EUR/USD pair keeps growing bigger in the mid-Asian session as the European currency continues to benefit from the recent Greek optimism and broad USD weakness.
Optimism returned to currency markets last week and boosted the EUR/USD pair, when Greece's parliament approved by a wide margin a second set of economic reforms demanded by its international creditors, opening the way to detailed negotiations on a third bailout for the country.
Moreover, Friday’s mixed data with US new homes sales unexpectedly plummeting in June continued to weigh on the greenback’s strength, aiding the EUR/USD pair.
Looking ahead, markets now await the Ifo Business Climate Index in Germany while US durable goods orders data will be closely watched ahead of Wednesday’s FOMC decision.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1019 (July 23 High) levels, above which gains could be extended to 1.1036 (July 15 High) levels. On the flip side, support is seen at 1.0971 (Today’s Low) below which it could extend losses to 1.0924 (July 24 Low) levels.