FXStreet (Mumbai) – The bid tone in the EUR/USD pair was heightened in the European morning driving the shared currency towards fresh session highs beyond 1.09 handle, largely on the back of a renewed broad based US dollar self-off while prospects of a Greek deal being reached also boosted sentiment around the euro.
EUR/USD rises from 1.0915
The EUR/USD pair trades 0.30% at 1.0937, retreating from fresh session highs at 1.0945, attempting a bounce to 1.10 barrier. EUR/USD extended gains as traders continue to remain optimistic on news that Greece has almost closed-in a deal with its creditors, with the agreement being crafted.
“At the Brussels Group today procedures to draw up a staff-level agreement are beginning,” a Greek source told Reuters on Wednesday. While Greek PM Tsipras also stated that a solution is “close.”
On the economic front, Europe offers little in the way of market-moving data. The attention will therefore turn again to the US session with some important data to watch, including weekly jobless claims, pending home sales and oil inventories.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0984 (May 26 High) levels, above which gains could be extended to 1.1012 (May 25 High) levels. On the flip side, support is seen at 1.0890 (Today’s Low) below which it could extend losses to 1.0862 (May 26 Low) levels.
(Market News Provided by FXstreet)