7 May 2015
EUR/USD rises to 1.1380
FXStreet (Mumbai) - The EUR/USD pair extended gains to print a fresh session high of 1.1380, on the back of buying in the EUR/GBP cross.
EUR benefits from UK election uncertainty
The high possibility of a hung parliament in the UK is pushing the EUR/GBP pair higher. Consequently, the buying in the EUR/GBP cross has helped the EUR/USD pair rise to 1.1380 levels. Meanwhile, comments from the ECB’s Mersch that “markets underestimate the EU’s will to save the Euro” have been ignored by the markets.
Given, the absence of a major market moving data, the activity in the EUR/GBP cross is likely to guide the movement in the EUR/USD pair.
EUR/USD Technical Levels
The immediate resistance is located at 1.14, above which gains could be extended to 1.1450. On the flip side, a break below 1.1293 could drive the pair lower to 1.1240 levels.
EUR benefits from UK election uncertainty
The high possibility of a hung parliament in the UK is pushing the EUR/GBP pair higher. Consequently, the buying in the EUR/GBP cross has helped the EUR/USD pair rise to 1.1380 levels. Meanwhile, comments from the ECB’s Mersch that “markets underestimate the EU’s will to save the Euro” have been ignored by the markets.
Given, the absence of a major market moving data, the activity in the EUR/GBP cross is likely to guide the movement in the EUR/USD pair.
EUR/USD Technical Levels
The immediate resistance is located at 1.14, above which gains could be extended to 1.1450. On the flip side, a break below 1.1293 could drive the pair lower to 1.1240 levels.