EUR/USD Gathers Further Traction Near 1.1400

EUR/USD Gathers Further Traction Near 1.1400

8 June 2016, 15:22
Roberto Jacobs
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EUR/USD Gathers Further Traction Near 1.1400

The buying interest around the shared currency is now picking up pace, pushing EUR/USD to test post-Payrolls peaks near 1.1400 the figure.

EUR/USD stronger on USD selling

The greenback remains unable to attempt even the slightest sign of recovery so far today, extending its leg lower to multi-week troughs in the 93.50 area when tracked by the US Dollar Index.

In the meantime, German Bunds yields are trading on a firmer note in the belly of the curve, giving extra support to the up move in spot.

Additionally, crude oil prices remains firm on its march north of the $51.00 mark, exacerbating the upbeat sentiment in the risk-associated space.

EUR/USD levels to watch

The pair is now up 0.11% at 1.1370 and a break above 1.1400 (psychological level) 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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