EUR/USD Keeps Highs Near 1.1340
The upside momentum around the shared currency remains unchanged today, with EUR/USD now testing fresh daily highs in the 1.1340 area.
EUR/USD bid albeit unconvincing
Spot continues to trade on a firm note at the beginning of the week,
recovering ground since recent lows in the 1.1280 region although the up
move seems somewhat unconvincing for the time being.
Poor results from today’s US docket, with both the NY Empire State index
and the NAHB index coming in below initial estimates, have removed
tailwinds from the USD rally, propping up the upside.
EUR/USD levels to watch
The pair is now advancing 0.18% at 1.1333 and a break above 1.1448 (high
May 11) would target 1.1615 (2016 high May 3) en route to 1.1713 (high
Aug.24 2015). On the other hand, the immediate support lines up at
1.1281 (low May 13) followed by 1.1213 (low Apr.25) and finally 1.1142
(low Mar.24).
