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30 Jun 2014
EUR/USD rallies to fresh 6-week high
FXStreet (Córdoba) - The EUR/USD shooted higher and reached fresh 6-week highs during the American session as the dollar falls amid month-end orders.
The EUR/USD rose back above the 200-day SMA at 1.3672 and reached an over 1-month high of 1.3688 in recent dealings. At time of writing, the pair is trading at the 1.3585 zone, recording a 0.31% gain on the day.
The EUR/USD remains resilient to economic data and once again ignored Eurozone and US indicators Monday, but picked up momentum and rallied toward the 1.3685/90 area as the dollar tumbles across the board.
Next Thursday, the ECB will decide on monetary policy, but the central bank is expected to remain on hold as it continues to assess latest measures. The same day, the US will release nonfarm payrolls figures which will be another determinant event for the EUR/USD.
EUR/USD levels to watch
As for technical levels, if the EUR/USD breaks above 1.3688/9 (Jun 30 high/50-day SMA), next resistances are seen at 1.3700 (psychological level) and 1.3722 (May 21 high). On the flip side, supports are seen at 1.3575 (Jun 26 & 23 lows),1.3563 (Jun 20 low) and 1.3540 (Jun 18 low).
The EUR/USD rose back above the 200-day SMA at 1.3672 and reached an over 1-month high of 1.3688 in recent dealings. At time of writing, the pair is trading at the 1.3585 zone, recording a 0.31% gain on the day.
The EUR/USD remains resilient to economic data and once again ignored Eurozone and US indicators Monday, but picked up momentum and rallied toward the 1.3685/90 area as the dollar tumbles across the board.
Next Thursday, the ECB will decide on monetary policy, but the central bank is expected to remain on hold as it continues to assess latest measures. The same day, the US will release nonfarm payrolls figures which will be another determinant event for the EUR/USD.
EUR/USD levels to watch
As for technical levels, if the EUR/USD breaks above 1.3688/9 (Jun 30 high/50-day SMA), next resistances are seen at 1.3700 (psychological level) and 1.3722 (May 21 high). On the flip side, supports are seen at 1.3575 (Jun 26 & 23 lows),1.3563 (Jun 20 low) and 1.3540 (Jun 18 low).