EUR/USD Rises Further to Fresh Weekly Highs

EUR/USD Rises Further to Fresh Weekly Highs

11 May 2016, 18:31
Roberto Jacobs
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EUR/USD Rises Further to Fresh Weekly Highs

EUR/USD extended gains above the 10-day SMA and scored fresh highs as the euro benefited by the negative sentiment in financial markets while the dollar is going through a corrective phase following sharp gains earlier this week.

EUR/USD climbed further and peaked at 1.1446 before losing momentum and retreating slightly. The pair was last trading at 1.1430, up 0.52% on the day, and seems poised to snap a 6-day losing streak.

EUR/USD levels to consider

In terms of technical levels, immediate resistances line up 1.1478 (May 6 high) and 1.1529 (May 4 high). On the other hand, supports are seen at 1.1358 (20-day SMA/May 10 low), 1.1297 (Apr 29 low) and 1.1281 (50-day SMA).


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