FXStreet (Córdoba) – EUR/USD consolidates gains near 2-week highs after the 200-pip rally from daily lows faltered at the 1.1284 area.
The euro rose sharply, extending its steep climb into a second day, mainly driven by Bunds yields. EUR/USD has now entered a quieter phase, having spent the last hours in a tight range near recent peaks. At time of writing, the pair is trading at 1.1257, recording a 0.98% gain on the day.
Today, the ECB decided to keep its key rates unchanged and reassured it will proceed with the asset purchase program until September 2016. There were no major news on Greece today, but German FinMin W.Schaeuble said optimism on Greek negotiation was not justified.
Attention now turns to Friday’s nonfarm payrolls report. Consensus calls for a 225K job gain in May after April’s 223K rise. Today, ADP data reported private payrolls rose 201K in May.
EUR/USD levels to watch
As for technical levels, next resistance levels could be found at 1.1325 (May 19 high), 1.1400 (psychological level) and 1.1465 (May 15 recovery high). On the flip side, supports are seen at 1.1078 (daily low/100-day SMA) and 1.0975 (50-day SMA).
(Market News Provided by FXstreet)