FXStreet (Mumbai) – The bid tone in the EUR/USD pair heightened in the European morning, lifting the shared currency near fresh session highs beyond 1.1300 levels, as the US dollar was relentlessly sold-off, triggered by USD/JPY downward spiral on fresh yen buying. While sky-high German bund yields also pushes the major higher.
EUR/USD rises from 1.1300
The EUR/USD pair trades 0.67% higher at 1.1355, retreating from fresh session highs at 1.1368. The EUR/USD pair jolted higher mainly correlating gains seen in German yields. The 10-year yields on German bonds trades 5% higher at 1.002%. Moreover, the major surged following broad based USD/JPY sell-off, driving the DXY lower to the tune of -0.68% to trade at 94.52.
Meanwhile, traders now shift their attention towards Greece updates as Greek Prime Minister Alexis Tsipras meets German Chancellor Angela Merkel and French President Francois Hollande today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1381 (June 4 High) levels, above which gains could be extended to 1.1447 (May 14 High) levels. On the flip side, support is seen at 1.1277 (Today’s Low) below which it could extend losses to 1.1213 (June 9 Low) levels.
(Market News Provided by FXstreet)