EUR/USD Flirts with Highs Near 1.1380

EUR/USD Flirts with Highs Near 1.1380

8 June 2016, 07:50
Roberto Jacobs

EUR/USD Flirts with Highs Near 1.1380

The greenback continues to lose ground this week, now sending EUR/USD to the upper end of the range around 1.1375/80.

EUR/USD closer to 1.1400

Spot is trading on a choppy fashion so far this week, keeping a narrow range albeit managing to stick to the upper bound of post-Payrolls levels.

Absent relevant releases in the euro area and with a continuation of the offered tone around the dollar, the pair seems to be warming up for a visit to 1.1400 any time soon.

Across the pond, the weekly report on crude oil inventories by the EIA is only worth mentioning, ahead of Initial Claims (Thursday) and the Reuters/Michigan index (Friday).

EUR/USD levels to watch

The pair is now up 0.12% at 1.1372 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 1.1313 (55-day sma) followed by 1.1241 (20-day sma) and then 1.1205 (100-day sma).


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