16 Jun 2014
EUR/USD climbs to fresh highs ahead of WS opening
FXStreet (Córdoba) - The EUR/USD is on recovery mode heading into the New York session, having re-tested the 1.3510 support area earlier on the day as the USD benefited from its safe-haven status.
Escalating tensions in Iraq are keeping sentiment depressed, oil underpinned and European stocks pressured. The EUR/USD hit a low of 1.3512 but managed to recover afterwards despite soft Eurozone inflation figures. The bounce has gained momentum, sending the EUR/USD to a fresh daily high of 1.3564 in recent dealings. At time of writing, the EUR/USD is trading at 1.3545, recording a 0.11% rise on the day.
EUR/USD levels to watch
As for technical levels, the EUR/USD could find immediate resistances at 1.3578 (Jun 13 high), 1.3600 (psychological level) and 1.3656 (200-day SMA). On the other hand, if the pair breaks below the 1.3510 area, next supports could be found at 1.3482 (Feb 6 low) and 1.3476 (2014 low Feb 3).
Escalating tensions in Iraq are keeping sentiment depressed, oil underpinned and European stocks pressured. The EUR/USD hit a low of 1.3512 but managed to recover afterwards despite soft Eurozone inflation figures. The bounce has gained momentum, sending the EUR/USD to a fresh daily high of 1.3564 in recent dealings. At time of writing, the EUR/USD is trading at 1.3545, recording a 0.11% rise on the day.
EUR/USD levels to watch
As for technical levels, the EUR/USD could find immediate resistances at 1.3578 (Jun 13 high), 1.3600 (psychological level) and 1.3656 (200-day SMA). On the other hand, if the pair breaks below the 1.3510 area, next supports could be found at 1.3482 (Feb 6 low) and 1.3476 (2014 low Feb 3).