6 May 2015
EUR/USD breaks through 1.1300 amid Greek headlines
FXStreet (Córdoba) - EUR/USD picked up fresh momentum and broke above the 1.1300 level, as the euro strengthened amid headlines suggesting Greece and Eurogroup could reach an agreement by Monday.
EUR/USD pierced through the 1.13 mark and accelerated to its highest level since February 26 at 1.1343. The euro-dollar remains near daily highs, currently trading at 1.1330, where it posts a 1.3% daily gain.
Meanwhile, the dollar continues to weaken amid disappointing economic reports and fears the US economy is stalling. At latest FOMC meeting, the Federal Reserve left the door open to a June rate hike and blamed on “transitory factors” for the slowing growth. Following today’s ADP miss, attention turns to the nonfarm payrolls report where investors will be looking for signs of a spring rebound.
EUR/USD levels to watch
In terms of technical levels, immediate resistances are seen at 1.1343 (daily high), 1.1379 (Feb 26 high) and 1.1400 (psychological level). On the flip side, supports are seen at 1.1263 (100-day SMA), 1.1174 (daily low) and 1.1122 (May 4 low).
EUR/USD pierced through the 1.13 mark and accelerated to its highest level since February 26 at 1.1343. The euro-dollar remains near daily highs, currently trading at 1.1330, where it posts a 1.3% daily gain.
Meanwhile, the dollar continues to weaken amid disappointing economic reports and fears the US economy is stalling. At latest FOMC meeting, the Federal Reserve left the door open to a June rate hike and blamed on “transitory factors” for the slowing growth. Following today’s ADP miss, attention turns to the nonfarm payrolls report where investors will be looking for signs of a spring rebound.
EUR/USD levels to watch
In terms of technical levels, immediate resistances are seen at 1.1343 (daily high), 1.1379 (Feb 26 high) and 1.1400 (psychological level). On the flip side, supports are seen at 1.1263 (100-day SMA), 1.1174 (daily low) and 1.1122 (May 4 low).