24 Jul 2015
EUR/USD challenges daily highs
FXStreet (Córdoba) - EUR/USD has continue to recover from daily lows and retested daily highs at the 1.0990 area as the dollar gives up ground versus major competitors, while a sudden bout of EUR/CHF demand is helping the euro.
The dollar reacted negatively to below expectations new home sales data and has continued to move lower over the last hours. EUR/USD reached a session high of 1.0992 before pulling back slightly. At time of writing, the pair is trading at 1.0970, just a few pips below its opening price but still on track to post a modest weekly gain.
FOMC meeting eyed
With Greek short-term problems solved, for now, attention now turns to the Federal Reserve and the timing of the lift-off after Yellen reiterated earlier this month the bank was still on track to raise rates at some point this year. Next Wednesday the Fed concludes its 2-day policy meeting and investors will be looking for any change in Fed statement.
EUR/USD technical levels
As for technical levels, immediate resistances are seen at 1.1000 (psychological level/100-day SMA), 1.1017 (Jul 23 high) and 1.1035 (Jul 15 high). On the downside, supports could be found at 1.0925/21 (Jul 24 & 23 low), 1.0900 (psychological level) and 1.0869 (Jul 22 low).
The dollar reacted negatively to below expectations new home sales data and has continued to move lower over the last hours. EUR/USD reached a session high of 1.0992 before pulling back slightly. At time of writing, the pair is trading at 1.0970, just a few pips below its opening price but still on track to post a modest weekly gain.
FOMC meeting eyed
With Greek short-term problems solved, for now, attention now turns to the Federal Reserve and the timing of the lift-off after Yellen reiterated earlier this month the bank was still on track to raise rates at some point this year. Next Wednesday the Fed concludes its 2-day policy meeting and investors will be looking for any change in Fed statement.
EUR/USD technical levels
As for technical levels, immediate resistances are seen at 1.1000 (psychological level/100-day SMA), 1.1017 (Jul 23 high) and 1.1035 (Jul 15 high). On the downside, supports could be found at 1.0925/21 (Jul 24 & 23 low), 1.0900 (psychological level) and 1.0869 (Jul 22 low).