27 Feb 2015
EUR/USD spikes above 1.1240 after Germany approves Greek extension
FXStreet (Mumbai) - EUR/USD climbed to fresh highs during the mid-European session in reaction to German lawmakers’ approval to the four-month extension of the rescue plan for Greece.
US GDP data in focus
The EUR/USD now trades 0.34% higher at 1.1236 levels, hovering close to fresh session highs of 1.1243 posted some minutes ago. EUR/USD held firmly above 1.12 mark and added further gains after the German parliament gave a green light to the extension of financial aid for the debt-ridden country, with a majority of lawmakers voting in favour of such a decision.
According to the official results of 587 votes cast, 542 lawmakers voted in favour of the extension of the rescue package, while 32 were against it and 13 absented.
However, the upside in the pair seems limited ahead of US GDP data, with the US economy predicted to grow in the Q4 2014 at an annualized rate of 2.0%, down from the first estimate of 2.6%.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1297 levels, above which gains could be extended to 1.1320 levels. On the flip side, support is seen at 1.1200 levels, below which it could extend losses to 1.1184 (Feb 26 Low) levels.
US GDP data in focus
The EUR/USD now trades 0.34% higher at 1.1236 levels, hovering close to fresh session highs of 1.1243 posted some minutes ago. EUR/USD held firmly above 1.12 mark and added further gains after the German parliament gave a green light to the extension of financial aid for the debt-ridden country, with a majority of lawmakers voting in favour of such a decision.
According to the official results of 587 votes cast, 542 lawmakers voted in favour of the extension of the rescue package, while 32 were against it and 13 absented.
However, the upside in the pair seems limited ahead of US GDP data, with the US economy predicted to grow in the Q4 2014 at an annualized rate of 2.0%, down from the first estimate of 2.6%.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1297 levels, above which gains could be extended to 1.1320 levels. On the flip side, support is seen at 1.1200 levels, below which it could extend losses to 1.1184 (Feb 26 Low) levels.