FXStreet (Córdoba) – The shared currency extended gains versus the US dollar on Tuesday and climbed to its highest level in almost a week during the American session, with the greenback a tad softer following the latest string of economic data.
EUR/USD has climbed more than 70 pips on Tuesday and peaked at 1.0983, marking its strongest level since the Fed decided to raise rates last week. The pair is currently trading at 1.0980, up 0.61% on the day, with 1.1000 in sight.
On the data front, US third quarter GDP growth was revised down to 2.0%, while separated data showed existing home sales fell 10.5% in November (0.0% exp) while the Richmond Fed mfg index rose to positive ground in December (6 vs -3 prev).
EUR/USD technical levels
As for technical levels, next resistances line up at 1.1010 (Dec 10 high), the 1.1055-67 area (100-day SMA/50-week SMA), 1.1095 (Oct 28 high) and then 1.1139 (Oct 23 high). On the other hand, immediate supports are seen at 1.0895 (50-day SMA), 1.0795 (Dec 7 low), 1.0700 (psychological level) and 1.0635 (Dec 1 & 2 highs).
(Market News Provided by FXstreet)