27 Jan 2015
EUR/USD jumps to fresh session highs at 1.1345
FXStreet (Mumbai) - The Euro extended its recovery mode versus the US dollar and spiked to 1.1345 levels in the European morning, storming through the 1.13 threshold as traders continue to cover their short positions ahead of US Fed policy meeting tomorrow.
The EUR/USD now trades at 1.1318 levels, up 0.73% on the day, quickly pulling away from fresh daily highs at 1.1345 posted an hour ago. The pair rebounded amid broad based euro strength boosted by a short squeeze rally.
Moreover, in absence of Euro Area macro data for rest of the session, traders are likely to focus on a host of US economic releases due later in the day for further momentum on the pair.
US Fed 2-day meeting concluding tomorrow may also provide fresh incentives for the major currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1345 (Today’s High) levels, above which gains could be extended to 1.1374 (Jan 23 High) levels. On the flip side, support is seen at 1.1260 levels, below which it could extend losses to 1.1224
The EUR/USD now trades at 1.1318 levels, up 0.73% on the day, quickly pulling away from fresh daily highs at 1.1345 posted an hour ago. The pair rebounded amid broad based euro strength boosted by a short squeeze rally.
Moreover, in absence of Euro Area macro data for rest of the session, traders are likely to focus on a host of US economic releases due later in the day for further momentum on the pair.
US Fed 2-day meeting concluding tomorrow may also provide fresh incentives for the major currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1345 (Today’s High) levels, above which gains could be extended to 1.1374 (Jan 23 High) levels. On the flip side, support is seen at 1.1260 levels, below which it could extend losses to 1.1224