FXStreet (Mumbai) – A sudden spurt of EUR buying was witnessed in the European morning, which pushed EUR/USD to fresh weekly highs at 1.1380 levels. The major was caught by a fresh bid wave largely on an extended sell-off seen in the US dollar against its major competitors as traders favoured the European currency ahead of the Euro group meeting commencing shortly.
EUR/USD eyes 1.1400
The EUR/USD pair trades 0.32% higher at 1.1374, easing off fresh weekly highs reached at 1.1380 some minutes ago. The bid tone in EUR/USD was heightened as traders preferred the shared currency, shrugging off falling German bund yields.
Moreover, acceleration in the greenback’s downslide also triggered fresh bids for EUR/USD, lifting the major towards 1.14 handle. The US dollar keeps losses versus its major peers after the Fed decision with the FOMC keeping rates unchanged, although maintained its data-dependent approach to allow the recent upbeat momentum to strengthen.
Moreover, inconclusive talks surrounding Greece with lack of progress between Athens and its international creditors fails to restrict the EUR/USD upside as traders remain hopeful on Greece solution ahead of Euro group meeting due later today.
Meanwhile, a raft of US macro releases due later in the session will also keep the traders busy as Greece headlines still remain in the spotlight.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1386 (June 10 High) levels, above which gains could be extended to 1.1447 (May 14 High) levels. On the flip side, support is seen at 1.1297 (May 18 Low) below which it could extend losses to 1.1213 (June 9 Low) levels.
(Market News Provided by FXstreet)