EUR/USD Jumps to Highs Near 1.1160

EUR/USD Jumps to Highs Near 1.1160

1 June 2016, 10:21
Roberto Jacobs

EUR/USD Jumps to Highs Near 1.1160

The common currency met a wave of buying interest following a negative start of European equity markets today, lifting EUR/USD to the vicinity of 1.1160.

EUR/USD supported near 1.1110

Spot has seen its upside renewed early in the Old Continent, reverting the initial negative performance, after equity markets opened on a soft note on Wednesday.

Poor manufacturing PMIs in Italy, Spain and Germany have been weighing on EUR in early trade, while market participants remain focused on the ISM Manufacturing and the Fed’s Beige Book due later across the pond.

EUR/USD levels to watch

The pair is now advancing 0.17% at 1.1151 and a breakout of 1.1179 (100-day sma) would target 1.1246 (high May 23) en route to 1.1260 (20-day sma). On the flip side, the next support aligns at 1.1096 (200-day sma) followed by 1.1055 (low Mar.16) and finally 1.0820 (low Mar.10).


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