EUR/USD Jumps to Test Tuesday’s High Near 1.1335
A sudden bout of buying interest gripped the EUR/USD pair post-European open, with the bulls driving the prices way beyond 1.13 handle.
EUR/USD advances ahead of Fed verdict
Currently,
EUR/USD trades +0.24% higher at 1.1326, having posted fresh session
highs at 1.1334 in the last hour. The main currency pair found fresh
impetus from a shaky start to the European markets as investors remains
wary ahead of the much-awaited Fed outcome. In times of uncertainty,
markets prefer to hold the safe-havens/ low-yielding currencies such as
the EUR, thereby, sending EUR/USD towards Tuesday’s high printed at
1.1339.
Calendar-wise, the second-liner German data came in
stronger than expectations, which also lifts the sentiment around the
major. While the latest Euro zone money supply data also bettered
previous reading and matched expectations (Actual 5.0% vs. 5.0% exp.,
4.9% last).
Looking ahead, the major now looks forward to the
highly influential FOMC statement, with the main focus on the
committee’s language, as markets have already priced-in a no rate hike
at today’s meeting.
EUR/USD Technical Levels
In
terms of technicals, the pair finds the immediate resistance at
1.1334/39 (Daily & 26 High). A break beyond the last, doors will
open for a test of 1.1396/1.1400 (Apr 21 High/ round number). On the
flip side, the immediate support is placed at 1.1277 (1h 50 &
100-SMA) below which at 1.1232/19 (Apr 14 & 25 Low) could be tested.
