FXStreet (Mumbai) – The shared currency reversed losses and swung back higher above 1.12 handle versus the US dollar in the European session, lifting EUR/USD to fresh session highs. The European currency gathered momentum as the US dollar halted its correction and slipped back in red against its major peers. While the major remains supported on Greece deal hopes as the marathon of Greek meetings continues today.
EUR/USD rises from 1.1182 lows
The EUR/USD pair trades 0.10% higher at 1.1216, quickly easing off session highs reached at 1.1226 some minutes ago. The EUR/USD pair witnessed a sudden spike this session mainly driven by US dollar retreat across the board as traders remain hopeful of a Greek deal to be struck at today’s Euro group meeting which will be followed by the EU Summit.
However, EUR/USD rallies remain short-lived as Greek uncertainty is once again keeping investors cautious, pushing back the euro to 1.12 handle.
Looking ahead to the US session, traders will mostly focus on the US PCE index the benchmark measure of inflation used by the Federal Reserve (Fed). While jobless claims, personal spending and a services PMI from the US will also be watched.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1250 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1182 (Today’s Low) below which it could extend losses to 1.1154 (June 24 Low) levels.
(Market News Provided by FXstreet)