28 Apr 2015
EUR/USD breaks above 1.09
FXStreet (Mumbai) - The shared currency wiped out losses and turned in the positive territory versus the greenback in the European morning, with EUR/USD finally surpassing 1.09 barrier, largely as the US dollar halted its recovery and fell back in red against its major competitors.
EUR/USD rises from 1.0885
The EUR/USD trades higher by 0.10% at fresh session highs at 1.0904 levels, breaking above the crucial 1.09 handle. EUR/USD inched higher this session following a renewed offered tone witnessed in the US dollar, pushing the greenback to fresh session lows across the board.
Moreover, markets remain cautious ahead of Wednesday’s FOMC statement which may have major impacts on the US dollar and hence may cause some volatility for the EUR/USD pair.
However, the upside in the pair seems restricted as the recent the developments surrounding Greece continue to weigh on EUR/USD. The Greek government needs to find around €1 billion for salaries and pensions this week, as well as around €200 million by the end of the week to repay the IMF.
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 1.0885
The EUR/USD trades higher by 0.10% at fresh session highs at 1.0904 levels, breaking above the crucial 1.09 handle. EUR/USD inched higher this session following a renewed offered tone witnessed in the US dollar, pushing the greenback to fresh session lows across the board.
Moreover, markets remain cautious ahead of Wednesday’s FOMC statement which may have major impacts on the US dollar and hence may cause some volatility for the EUR/USD pair.
However, the upside in the pair seems restricted as the recent the developments surrounding Greece continue to weigh on EUR/USD. The Greek government needs to find around €1 billion for salaries and pensions this week, as well as around €200 million by the end of the week to repay the IMF.
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.