EUR/USD testing highs near 1.0660 amid cross-driven strength

After witnessing a brief phase of consolidation around 1.0640/50 band in early Europe, the EUR/USD finally broke to the upside amid renewed risk-off wave that gripped the European markets.  

Moreover, fresh buying interest seen behind the EUR/GBP cross also lifts the sentiment around the EUR. The cross in EUR/GBP rose sharply higher, after the pound plummeted across the board on rumors that the UK PM Theresa May could call for a snap general election during her statement announced to be issued at 10.15 GMT today.

The upside in the spot is also backed by tumbling treasury yields and increased odds of Macron’s win in the French election, with the first round of the binary event to be held on Sunday, April 23.

All eyes now remain on the US housing starts, building permits and industrial production data lined up for release later in the NA session.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0674 (Monday’s high), 1.0687/90 (Apr 6 & 5 high) and finally 1.0715 (March 13 high). On the flip side, the spot finds next support at 1.00600/00 (Monday’s low/ round number), a break below that level could open the door to 1.0568 (multi-month lows) and 1.0500 (key support).