EUR/USD catches fresh bid, breaks beyond 1.1150

A fresh sell-off in the greenback across the board, triggered by heavy GBP/USD buying on BOE’s inaction, sent the EUR/USD beyond 1.1150.

EUR/USD eyes 50-DMA at 1.1190

Currently, EUR/USD now advances +0.63% at fresh session highs of 1.1161, now looking to test Wednesday’s high reached at 1.1185. The main currency pair caught a fresh bid-wave last hour, as the US dollar came under aggressive selling pressure in response to a sudden spike in GBP/USD.

The cable surged and took-out 1.34 handle after the BOE left its interest rates unchanged at 0.50%. Meanwhile the USD index slumps -0.50% to fresh four-day lows of 95.87.

The EUR/USD pair remains strongly bid heading into early-American session, with all eyes now focused on the US PPI and unemployment claims data for further USD moves.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1190/1.1200 (50-DMA/ round number). A break beyond the last, doors will open for a test of 1.1250 (psychological levels). On the flip side, the immediate support is placed at 1.1114 (20-DMA) below which 1.1088 (200-DMA) could be tested.