EUR/USD hits fresh weekly highs near 1.1000 and retreats modestly, holds bullish tone
|- Dollar drops further against majors, DXY down 0.30%, near 99.00.
- Euro falls to three-week lows versus Swiss franc, below 1.0540.
The EUR/USD pair spiked to 1.0984, reaching the highest in almost two weeks. It quickly pulled back to the 1.0970 area where it has been trading most of time since the beginning of the American session.
The move higher in EUR/USD took place at the same time equity prices in Wall Street topped. Main indexes then moved off highs but still held on to important gains. The Dow Jones was gaining 1.85% and the Nasdaq 2.95%.
The improvement in risk sentiment and the decline of the greenback across the board are giving support to EUR/USD. The US Dollar Index (DXY) was falling 0.30%, testing the 99.00 area. Despite rising versus the dollar, the euro was trading at three-week lows versus the Swiss franc. The EUR/CHF was trading at 1.0535, near the March low.
Technical outlook
The EUR/USD was moving with a bullish bias and the momentum intact. The immediate support was seen at 1.0950 followed by an uptrend line at 1.0920. On the upside, above 1.1000, the next target might be located at 1.1030.
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