27 Jul 2015
EUR/USD spikes to fresh highs at 1.1088, eyes set on 1.1100
FXStreet (Mumbai) - The bid tone surrounding the EUR/USD pair heightened in the European morning, with the shared currency jolting higher to fresh more than one-week highs versus the US dollar mainly driven by broad USD softness on downbeat US home sales data.
EUR/USD rises from 1.1039
The EUR/USD pair trades 0.78% higher at 1.1069, easing off a spike to 1.1088 session highs. EUR/USD climbed sharply higher on expectations of a better German Ifo print due for release shortly.
The Ifo Business Climate Index in Germany is expected to edge up to 107.5 in July, from the 107.4 booked in the sixth month of the year.
Moreover, Friday’s mixed data with US new homes sales unexpectedly plummeting in June continued to drag the greenback lower across the board.
Optimism returned to currency markets last week after Greece's parliament approved by a wide margin a second set of economic reforms, which continues to lift the EUR/USD pair higher.
Looking ahead, markets now await the Ifo Business Climate Index in Germany while US durable goods orders data will be closely watched ahead of Wednesday’s FOMC decision.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1100 levels, above which gains could be extended to 1.1125 (July 9 High) levels. On the flip side, support is seen at 1.0971 (Today’s Low) below which it could extend losses to 1.0924 (July 24 Low) levels.
EUR/USD rises from 1.1039
The EUR/USD pair trades 0.78% higher at 1.1069, easing off a spike to 1.1088 session highs. EUR/USD climbed sharply higher on expectations of a better German Ifo print due for release shortly.
The Ifo Business Climate Index in Germany is expected to edge up to 107.5 in July, from the 107.4 booked in the sixth month of the year.
Moreover, Friday’s mixed data with US new homes sales unexpectedly plummeting in June continued to drag the greenback lower across the board.
Optimism returned to currency markets last week after Greece's parliament approved by a wide margin a second set of economic reforms, which continues to lift the EUR/USD pair higher.
Looking ahead, markets now await the Ifo Business Climate Index in Germany while US durable goods orders data will be closely watched ahead of Wednesday’s FOMC decision.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1100 levels, above which gains could be extended to 1.1125 (July 9 High) levels. On the flip side, support is seen at 1.0971 (Today’s Low) below which it could extend losses to 1.0924 (July 24 Low) levels.