EUR/USD Stretches to Fresh Highs as Dollar Pulls Back
EUR/USD
rose through the 1.14 mark and stretched to fresh 5-day highs at the
beginning of the American session, with the move mostly driven by USD
profit taking.
EUR/USD climbed to its highest level since last
Friday at 1.1422, but stalled a few pips shy from its 10-day SMA. There
was no clear catalyst behind the move, other than the USD correcting
lower following several days of gains. At time of writing, the pair is
trading at 1.1420, up 0.43% on the day.
EUR/USD levels to watch
In
terms of technical levels, immediate resistances line up at 1.1426
(10-day SMA), 1.1478 (May 6 high) and 1.1529 (May 4 high). On the flip
side, supports are seen at 1.1358 (20-day SMA/May 10 low), 1.1297 (Apr
29 low) and 1.1281 (50-day SMA).
