27 Jul 2015
EUR/USD: Bulls on a rampage, rises above 1.11 handle
FXStreet (Mumbai) - The bid tone on the EUR improved further, taking the EUR/USD to a session high of 1.1115 after the German IFO readings printed higher than expected.
Back below 50-DMA
The spot is back below its 50-DMA currently located at 1.1102. The EUR bulls have been on the rampage today, taking the EUR/USD pair from the Asian session low of 1.0968 to near 1.11 handle. The gains were extended further to a high of 1.1115 after the German IFO expectations index rose to 113.9 in July, bettering the estimate of 113.00.
Moreover, the expectations index was likely to provide a positive surprise, given that the Greek crisis is out of the way for now. Ahead in the day, the spot could be heavily influenced by the US durable goods orders number for June.
EUR/USD Technical Levels
The spot now trades around 1.11. The immediate resistance is seen at 1.1102 (50-DMA), above which the prices could rise to 1.1126 (50% of May-Jun rally). On the other hand, a break below 1.1083 (38.2% of Mar-May rally) could see the pair re-test 1.10 handle.
Back below 50-DMA
The spot is back below its 50-DMA currently located at 1.1102. The EUR bulls have been on the rampage today, taking the EUR/USD pair from the Asian session low of 1.0968 to near 1.11 handle. The gains were extended further to a high of 1.1115 after the German IFO expectations index rose to 113.9 in July, bettering the estimate of 113.00.
Moreover, the expectations index was likely to provide a positive surprise, given that the Greek crisis is out of the way for now. Ahead in the day, the spot could be heavily influenced by the US durable goods orders number for June.
EUR/USD Technical Levels
The spot now trades around 1.11. The immediate resistance is seen at 1.1102 (50-DMA), above which the prices could rise to 1.1126 (50% of May-Jun rally). On the other hand, a break below 1.1083 (38.2% of Mar-May rally) could see the pair re-test 1.10 handle.