EUR/USD Consolidating Gains Hovers Around 1.1400

EUR/USD Consolidating Gains Hovers Around 1.1400

8 June 2016, 21:48
Roberto Jacobs

EUR/USD Consolidating Gains Hovers Around 1.1400

EUR/USD rose to 1.1410, hitting the highest level since May 12 at 1.1410 after the beginning of the American session. Afterward it pulled back modestly and it has been moving in a range during the last hours between 1.1385 and 1.1410.

The pair holds near the highs, supported by a weak US dollar across the board. Risk appetite and lower Fed rate hike expectations continue to weight on the US dollar. Versus its European neighbors the euro is showing mix results, it climbs modestly against the pound but drops versus the Swiss franc (EUR/CHF is at 7-week lows below 1.0950).

EUR/USD levels to watch

Bullish momentum remains intact in the EUR/USD pair. To the upside, the next resistance levels might be located at 1.1430 (May 12 high) ahead of the relevant area around 1.1450 (May 11 high) and then 1.1490 (Oct highs).

On the opposite direction support levels might now be seen at 1.1385 (American session low), 1.1350 (daily low), 1.1325 (June 6 low) and 1.1245 (20-DMA).

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