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22 May 2015
EUR/USD breaks above 1.1200
FXStreet (Mumbai) - The shared currency extends its gradual advance against the American dollar in the European session, lifting EUR/USD to fresh session highs above 1.12 handle. The major gathered momentum and climbed higher on a fresh bout of EUR buying as markets continue to cheer upbeat German economic sentiment indicator.
EUR/USD rises from 1.1180
The EUR/USD pair trades 0.80% at 1.1200, hovering close to fresh three-day highs of 1.1208, EUR/USD extends its upward moves largely as the US dollar ran through fresh sellers, pushing the shared currency to intraday highs.
Moreover, the euro gained further strength after a set of macroeconomic data from Germany showed improved prospects for the euro zone's largest economy.
The headline Ifo Business Climate Index fell to 108.5 in May, slightly below the 108.6 booked in April. Markets had forecast a drop to 108.3 points in May. The first quarter GDP data released earlier today showed the German economy rising 0.3% after the fourth quarter's rise of 0.7%.
Meanwhile, traders now shift their focus towards US CPI figures due later in the NA session. While ECB President Mario Draghi’s and Fed Chair Yellen’s speech at the ECB forum in Portugal will be also closely watched.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1223 (May 5 High) levels, above which gains could be extended to 1.1278 (May 12 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1063 (May 20 Low) levels.
EUR/USD rises from 1.1180
The EUR/USD pair trades 0.80% at 1.1200, hovering close to fresh three-day highs of 1.1208, EUR/USD extends its upward moves largely as the US dollar ran through fresh sellers, pushing the shared currency to intraday highs.
Moreover, the euro gained further strength after a set of macroeconomic data from Germany showed improved prospects for the euro zone's largest economy.
The headline Ifo Business Climate Index fell to 108.5 in May, slightly below the 108.6 booked in April. Markets had forecast a drop to 108.3 points in May. The first quarter GDP data released earlier today showed the German economy rising 0.3% after the fourth quarter's rise of 0.7%.
Meanwhile, traders now shift their focus towards US CPI figures due later in the NA session. While ECB President Mario Draghi’s and Fed Chair Yellen’s speech at the ECB forum in Portugal will be also closely watched.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1223 (May 5 High) levels, above which gains could be extended to 1.1278 (May 12 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1063 (May 20 Low) levels.