FXStreet (Córdoba) – EUR/USD extended gains and reached fresh weekly highs in volatile trading after the Federal Reserve indicated most officials favor a rate before the end of year.
Most Fed officials seen interest rates raising before the end of 2015 although the Committee lowered its expectations economic growth because of a weak first quarter.
EUR/USD initially moved lower and bottomed out at 1.1205 only to quickly reverse losses and reach its highest in a week at 1.1357 before finding resistance. The pair is taking a breather near highs, currently trading at 1.1340, recording a 0.82% gain on Wednesday.
EUR/USD relevant levels
In terms of technical levels, next resistances are seen at 1.1386 (Jun 10 high), 1.1400 (psychological level) and 1.1450 (May 18 high). On the downside, supports could be found at 1.1205 (Jun 17 low) would open the door to 1.1188 (Jun 15 low) and then 1.1150 (Jun 12 low).
(Market News Provided by FXstreet)