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2 Jun 2015
EUR/USD shoots beyond 1.1000 – at fresh 2-week highs
FXStreet (Mumbai) - The shared currency accelerates gains and climbs higher versus American dollar in the mid-European session, with EUR/USD storming through 1.1000 handle to fresh session highs. The major remains strongly bid on soaring German bund yields while Euro zone’s return to the inflation arena also keeps the euro underpinned.
EUR/USD rises from 1.0975
The EUR/USD pair trades 0.98% higher at fresh two week highs of 1.1038, piercing through 1.10 barrier. The EUR/USD pair firms this session after CPI in the euro zone for May accelerated to 0.3% y/y from 0.0% previously and pulled the euro zone out of deflation.
Moreover, soaring 10-year yields on the German bunds which stands at 0.604%, up 14% on the day, together with a broadly weaker US dollar also adds to the bullishness in the EUR/USD pair.
Meanwhile, Greek negotiations are continuing in the background with European Central Bank President Mario Draghi, German Chancellor Angela Merkel, IMF chief Christine Lagarde and French President Francois Hollande discussing a proposal for Greece during a meeting in Berlin.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1052 (March 26 High) levels, above which gains could be extended to 1.1100 levels. On the flip side, support is seen at 1.0917 (Today’s Low) below which it could extend losses to 1.0900 levels.
EUR/USD rises from 1.0975
The EUR/USD pair trades 0.98% higher at fresh two week highs of 1.1038, piercing through 1.10 barrier. The EUR/USD pair firms this session after CPI in the euro zone for May accelerated to 0.3% y/y from 0.0% previously and pulled the euro zone out of deflation.
Moreover, soaring 10-year yields on the German bunds which stands at 0.604%, up 14% on the day, together with a broadly weaker US dollar also adds to the bullishness in the EUR/USD pair.
Meanwhile, Greek negotiations are continuing in the background with European Central Bank President Mario Draghi, German Chancellor Angela Merkel, IMF chief Christine Lagarde and French President Francois Hollande discussing a proposal for Greece during a meeting in Berlin.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1052 (March 26 High) levels, above which gains could be extended to 1.1100 levels. On the flip side, support is seen at 1.0917 (Today’s Low) below which it could extend losses to 1.0900 levels.