20 Mar 2015
EUR/USD shoots beyond 1.0700 ahead of US open
FXStreet (Mumbai) - EUR/USD rallied to fresh highs above 1.07 barrier in the late European session, bringing an end to its consolidation phase, as the US dollar extended losses across the board heading into the US opening bells.
EUR/USD jumps from 1.0680 levels
The EUR/USD now trades near session highs at 1.0712 levels, recording a 0.51% gain, having reached highs at 1.0720 levels. EUR/USD extended its upside momentum and pierced through 1.0700 levels on a fresh bout of generalized USD selling was witnessed ahead of the US open.
Moreover, upbeat Euro zone current account data also supported the EUR/USD as traders totally shrugged off concerns surrounding Greece after the debt-ridden country was asked to submit a more concrete reform plan to euro area authorities so that bailout talks can accelerate.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0750 levels, above which gains could be extended to 1.0780 levels. On the flip side, support is seen at 1.0650 levels, below which it could extend losses to 1.0579 (March 18 Low) levels.
EUR/USD jumps from 1.0680 levels
The EUR/USD now trades near session highs at 1.0712 levels, recording a 0.51% gain, having reached highs at 1.0720 levels. EUR/USD extended its upside momentum and pierced through 1.0700 levels on a fresh bout of generalized USD selling was witnessed ahead of the US open.
Moreover, upbeat Euro zone current account data also supported the EUR/USD as traders totally shrugged off concerns surrounding Greece after the debt-ridden country was asked to submit a more concrete reform plan to euro area authorities so that bailout talks can accelerate.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0750 levels, above which gains could be extended to 1.0780 levels. On the flip side, support is seen at 1.0650 levels, below which it could extend losses to 1.0579 (March 18 Low) levels.