EUR/USD hits fresh highs above 1.1300

The euro gained momentum during the American session and pushed EUR/USD to fresh highs. The pair peaked at 1.1316, the highest since Wednesday but then pulled back toward 1.1300, where it was trading, up 0.29% for the day.

Volatility in the forex market remains low for the second day in a row. Wall Street stock indexes were flat while European markets were about to finish with modest losses. Crude oil was falling more than 3% while gold was trading around $1,230/oz.

EUR/USD up, but down for the week

On Friday, the pair was rising for the first time out of the last five days, trimming weekly losses but still far from the level it had a week ago. It dropped sharply on Wednesday breaking important short term supports and falling below the 20-day moving average. The decline found support at 1.1230 and from the lows it has risen 90 pips.

The short-term bias continues to favor the euro but the area around 1.1450 - 1.1500 continues to be a great barrier that continues to cap the upside since January 2015.