7 Sep 2015
EUR/USD rises to fresh highs above 1.1170, European stocks pare gains
FXStreet (Mumbai) - The shared currency wiped-out losses and swung back higher into the positive territory in the European session, lifting EUR/USD to fresh session highs above 1.1170 levels.
EUR/USD: 1.1200 in sight
The EUR/USD pair trades 0.19% higher at 1.1172, hovering close to fresh session highs at 1.1175. The major received fresh impetus as the China re-open led renewed risk sentiment eased a bit as focus now shifts to the upcoming China trade and CPI data due later this week, diminishing bids for the USD.
Moreover, the European stocks halted tis rebounded and trimmed gains which further backed the case for further upmoves in the EUR/USD pair amid risk-on moods taking a hit.
In addition, rebound in German industrial figures also boosted the European currency versus its American counterpart. Industrial output in Germany posted 0.7% growth in July, seasonally adjusted, after reporting a revised 0.9% negative growth in June.
Looking ahead, trading is expected to be in a narrow range as the European calendar is almost empty while the US is closed for Labor Day.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1188 (Aug 14 High), above which gains could be extended to 1.1213 (Aug 12 High) levels. On the flip side, support is seen at 1.1086 (Sept 3 Low) below which it could extend losses to 1.1023 (Aug 12 Low) levels.
EUR/USD: 1.1200 in sight
The EUR/USD pair trades 0.19% higher at 1.1172, hovering close to fresh session highs at 1.1175. The major received fresh impetus as the China re-open led renewed risk sentiment eased a bit as focus now shifts to the upcoming China trade and CPI data due later this week, diminishing bids for the USD.
Moreover, the European stocks halted tis rebounded and trimmed gains which further backed the case for further upmoves in the EUR/USD pair amid risk-on moods taking a hit.
In addition, rebound in German industrial figures also boosted the European currency versus its American counterpart. Industrial output in Germany posted 0.7% growth in July, seasonally adjusted, after reporting a revised 0.9% negative growth in June.
Looking ahead, trading is expected to be in a narrow range as the European calendar is almost empty while the US is closed for Labor Day.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1188 (Aug 14 High), above which gains could be extended to 1.1213 (Aug 12 High) levels. On the flip side, support is seen at 1.1086 (Sept 3 Low) below which it could extend losses to 1.1023 (Aug 12 Low) levels.