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6 May 2015
EUR/USD testing highs near 1.1240
FXStreet (Mumbai) - The shared currency advanced versus its US counterpart in the early European morning, driving EUR/USD higher in a bid to test 1.1250 levels, largely on the back of a generalized weakness seen in the greenback pointing to mixed macro updates from the US last session. While traders now await a raft of EZ data including final services PMI reports and retails sales figures for fresh light on the pair.
EUR/USD supported above 1.12 handle
The EUR/USD trades 0.46% higher at 1.1238, easing off fresh session highs reached at 1.1242 some time ago. EUR/USD remains elevated as traders expect Eurozone final services PMI reading is likely to confirm the preliminary figures, indicating the direction of major economies in the euro zone.
Moreover, a broadly weaker US dollar dragged down by dismal US trade data and services PMI reading continues to lend support to EUR/USD.
Also, reports that the euro zone economy is expected to expand 1.5% this year, up from the previous forecast of 1.3% growth, as per the European Commission’s fresh Spring 2015 Economic Forecast published on Tuesday, keeps the major underpinned.
Later this week, the critical non-farm payrolls figures are due on Friday which is expected to provide fresh direction on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1268 (April 30 High) levels, above which gains could be extended to 1.1300 levels. On the flip side, support is seen at 1.1200 below which it could extend losses to 1.1153 (March 3 Low) levels.
EUR/USD supported above 1.12 handle
The EUR/USD trades 0.46% higher at 1.1238, easing off fresh session highs reached at 1.1242 some time ago. EUR/USD remains elevated as traders expect Eurozone final services PMI reading is likely to confirm the preliminary figures, indicating the direction of major economies in the euro zone.
Moreover, a broadly weaker US dollar dragged down by dismal US trade data and services PMI reading continues to lend support to EUR/USD.
Also, reports that the euro zone economy is expected to expand 1.5% this year, up from the previous forecast of 1.3% growth, as per the European Commission’s fresh Spring 2015 Economic Forecast published on Tuesday, keeps the major underpinned.
Later this week, the critical non-farm payrolls figures are due on Friday which is expected to provide fresh direction on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1268 (April 30 High) levels, above which gains could be extended to 1.1300 levels. On the flip side, support is seen at 1.1200 below which it could extend losses to 1.1153 (March 3 Low) levels.