8 Apr 2015
EUR/USD rises above 1.0850
FXStreet (Mumbai) - The EUR/USD pair rose to a session high of 1.0870 amid signs of broad based dollar weakness in the early European session. The pair managed to rise despite the contraction in the German factory orders in February.
Trades near 10-DMA
The pair has gained more than 40 pips to trade at the 50-DMA located at 1.0866. The USD is being offered in the early European session, with major European equity markets trading mixed. The investors remain focused on the Fed minutes slated for release later today.
In the meantime, investors will also keep an eye on Greece's meeting with Russia. A deal with Russia could include a credit line being offered to Greece as well as discounted natural gas supplies. However, the Greek government official has said that Greece is not approaching Russia for a financial aid.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0916 (10-DMA), above which gains could be extended to 1.0950. On the flip side, a break below 1.0819 could drive the pair lower to 1.0750 levels.
Trades near 10-DMA
The pair has gained more than 40 pips to trade at the 50-DMA located at 1.0866. The USD is being offered in the early European session, with major European equity markets trading mixed. The investors remain focused on the Fed minutes slated for release later today.
In the meantime, investors will also keep an eye on Greece's meeting with Russia. A deal with Russia could include a credit line being offered to Greece as well as discounted natural gas supplies. However, the Greek government official has said that Greece is not approaching Russia for a financial aid.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0916 (10-DMA), above which gains could be extended to 1.0950. On the flip side, a break below 1.0819 could drive the pair lower to 1.0750 levels.