28 Apr 2015
EUR/USD testing 3-week highs near 1.0920
FXStreet (Mumbai) - The shared currency wiped extends gains beyond 1.09 handle versus the greenback in the European session, lifting EUR/USD near three week highs, largely as the US dollar resumed its bearish tone and fell further in to losses against its major competitors.
EUR/USD rises from 1.0904
The EUR/USD trades higher by 0.24% at fresh session highs near 1.0920 levels, storming through the crucial 1.09 handle. EUR/USD accelerated gains as the offered tone in the US dollar heightened as the USD bears took over given the recent series of weak US fundamentals.
Moreover, markets remain cautious with traders exiting their long dollar positions ahead of the Federal Open Market Committee (FOMC) meeting, which concludes on Wednesday.
However, the upside in the pair seems restricted as Greece concerns still remains on the headlines weighing on the shared currency.
Meanwhile, traders may also await US HPI and consumer confidence data due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0928 (April 27 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0818 (April 27 Low) below which it could extend losses to 1.0802 (April 7 Low) levels.
EUR/USD rises from 1.0904
The EUR/USD trades higher by 0.24% at fresh session highs near 1.0920 levels, storming through the crucial 1.09 handle. EUR/USD accelerated gains as the offered tone in the US dollar heightened as the USD bears took over given the recent series of weak US fundamentals.
Moreover, markets remain cautious with traders exiting their long dollar positions ahead of the Federal Open Market Committee (FOMC) meeting, which concludes on Wednesday.
However, the upside in the pair seems restricted as Greece concerns still remains on the headlines weighing on the shared currency.
Meanwhile, traders may also await US HPI and consumer confidence data due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0928 (April 27 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0818 (April 27 Low) below which it could extend losses to 1.0802 (April 7 Low) levels.