13 May 2015
EUR/USD makes new weekly highs
FXStreet (Córdoba) - EUR/USD managed to climb further and printed fresh weekly highs during the New York session as the greenback continued to weaken on the back of disappointing retail sales data.
EUR/USD rose about 100 pips in a matter of minutes and then pushed even higher to a peak of 1.1349 from 1.1226 before the data. At time of writing, the pair is trading at the 1.1330 zone, recording a 1.06% gain on the day.
Signs of weakness in the US economy continue to hurt the dollar through lower expectations the Federal Reserve will hike interest rates soon. In contrast, better eurozone data has helped the euro to recover from a 12-year low sub-1.0500.
Data from the Eurozone showed the economy grew at its fastest in almost 2 years. Gross domestic product in the Eurozone rose 0.4% in the first quarter and 1.0% YoY.
EUR/USD levels to watch
As for technical levels, immediate resistances are seen at 1.1369 (May 6 high) and 1.1391 (May 7 high). On the other hand, supports could be found at 1.1209 (100-day SMA) and 1.1133 (May 12 low).
EUR/USD rose about 100 pips in a matter of minutes and then pushed even higher to a peak of 1.1349 from 1.1226 before the data. At time of writing, the pair is trading at the 1.1330 zone, recording a 1.06% gain on the day.
Signs of weakness in the US economy continue to hurt the dollar through lower expectations the Federal Reserve will hike interest rates soon. In contrast, better eurozone data has helped the euro to recover from a 12-year low sub-1.0500.
Data from the Eurozone showed the economy grew at its fastest in almost 2 years. Gross domestic product in the Eurozone rose 0.4% in the first quarter and 1.0% YoY.
EUR/USD levels to watch
As for technical levels, immediate resistances are seen at 1.1369 (May 6 high) and 1.1391 (May 7 high). On the other hand, supports could be found at 1.1209 (100-day SMA) and 1.1133 (May 12 low).