27 Jul 2015
EUR/USD tracks Gold, rises to fresh session high
FXStreet (Mumbai) - The USD is being offered across the board in the early European session, taking the EUR/USD pair to a session high of 1.1039. The broad based weakness appears to have been triggered by a rise in Gold prices.
FX markets track Gold
The FX markets are responding to more than 1% gains seen in Gold by ditching the greenback against major currencies. The yellow metal currently trades around USD 1105/Oz, while the EUR/USD pair is up 0.38% at 1.1025. Moreover, the drop in the yellow metal last week had kept the major currencies under pressure against the USD.
Ahead in the day, the spot is likely to take cues from the movement in Gold. On the data front, German IFO readings and the US durable goods order data are due for release today.
EUR/USD Technical Levels
The spot faces immediate resistance at 1.1053 (61.8% of May-June rally), above which the pair could rise to 1.11 handle. On the flip side, support is seen at 1.10 and 1.0963 (76.4% of May-June rally).
FX markets track Gold
The FX markets are responding to more than 1% gains seen in Gold by ditching the greenback against major currencies. The yellow metal currently trades around USD 1105/Oz, while the EUR/USD pair is up 0.38% at 1.1025. Moreover, the drop in the yellow metal last week had kept the major currencies under pressure against the USD.
Ahead in the day, the spot is likely to take cues from the movement in Gold. On the data front, German IFO readings and the US durable goods order data are due for release today.
EUR/USD Technical Levels
The spot faces immediate resistance at 1.1053 (61.8% of May-June rally), above which the pair could rise to 1.11 handle. On the flip side, support is seen at 1.10 and 1.0963 (76.4% of May-June rally).