FXStreet (Mumbai) – The shared currency snapped its side-trend and climbed higher versus the US dollar in the early European trades, lifting EUR/USD to fresh session highs just shy of 1.12 handle. The European currency extends gains, correct heavy losses from Tuesday. While, a US dollar retreat from two-week highs versus its major competitors also drove the major higher.
EUR/USD rises from 1.1174
The EUR/USD pair trades 0.28% at fresh session highs at 1.1199, finding good support at 1.1160. The EUR/USD pair gained momentum and extends its recovery a as the US dollar edged lower this session on a profit-booking slide.
The major pair also receives support from Greek hopes ahead of Euro group meeting later today as markets remain optimistic of a deal to be clinched between Greece and its international creditors after the debt-embattled nation submitted a new set of proposals over the weekend.
Looking ahead, German Ifo Business Climate and the third estimate US Q1 GDP data is likely to remain the main market movers for today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1250 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1160 (Today’s Low) below which it could extend losses to 1.1134 (June 23 Low) levels.
(Market News Provided by FXstreet)