EUR/USD Stuck Within Range, Near 1.1370

EUR/USD Stuck Within Range, Near 1.1370

7 June 2016, 13:05
Roberto Jacobs
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EUR/USD Stuck Within Range, Near 1.1370

The shared currency keeps its daily gains vs. the dollar, with EUR/USD advancing moderately around 1.1370.

EUR/USD bolstered by data, USD selling

Spot keeps the upside momentum alive during the first half of the week in spite of the lack of follow through after testing the boundaries of 1.1400 the figure during Monday’s NA session.

The offered tone in the greenback remains the sole driver behind the pair’s upside, while auspicious GDP figures in the euro area during the first quarter have also added to the upbeat sentiment.

EUR/USD levels to watch

The pair is now up 0.14% at 1.1371 and a break above 1.1393 (high Jun.6) would expose 1.1448 (high May 11) and finally 1.1466 (high Apr.12). On the flip side, the immediate support lines up at 1.1310 (55-day sma) followed by 1.1242 (20-day sma) and then 1.1200 (100-day sma).


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