EUR/USD: fresh 2017 highs and counting

Valeria Bednarik FXStreet

EUR/USD Current price: 1.1183

The EUR/USD pair stands at fresh 2017 highs above 1.1180 ahead of the US opening, as the dollar retains the weak tone, and has the doubtful honor of being the worst performer this week. There we no macroeconomic news triggering market moves, but indeed, positive European data backed the ongoing advance. In Germany, the producer price index surged in April by 0.4% when compared to the previous month and against expectations of 0.2%. The annual figure came in at 3.4%, beating expectations of 3.2%. Also, the EU current account recorded a surplus of €34.1 billion in March, below previous but better than forecast.

The 4 hours chart for the EUR/USD pair supports some further gains for the last session of the week, although a retracement on profit taking can't be ruled out. Nevertheless, the pair continues to find support on a bullish 20 SMA, now nearing 1.1120,while technical indicators have extended their recoveries within positive territory, in line with further gains pass 1.1200.

Support levels: 1.1160 1.1120 1.1080

Resistance levels: 1.1210 1.1260 1.1300

View Live Chart for the EUR/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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