Breaking: EUR/USD breaks above 1.1100, first time since end-March

EUR/USD catches fresh bids, takes-out 1.1100
EU Recovery Fund optimism and economic re-opening boost the EUR.
Focus on Eurozone CPI, US data and Trump’s response.

FXStreet Team FXStreet

Following a brief consolidative stint in early Asia, EUR/USD is breaking higher heading into European trading this Friday.

The spot conquers the 1.11 handle for the first time since March 30 despite the risk-off market environment, in light of the escalating US-China tensions.

The optimism around the European Union's (EU) bigger-than-expected fiscal stimulus proposal of 750 billion euros continues to underpin the sentiment around the shared currency.

Further, expectations of the European Central Bank (ECB) expanding its bond-buying next week, in an effort to boost the economic recovery, also add to the strength in the spot.

Additionally, the major benefits from the month-end liquidation in the US dollar positions and nervousness ahead of US President Donald Trump’s response to the Hong Kong security issues.

With the move higher, “EUR/USD appears on track to end May on a positive note. This will be the first monthly gain since December when the exchange rate had appreciated by 1.88%,” as explained by FXStreet’s Analyst, Omkar Godbole.

Looking ahead, the immediate focus remains on the Eurozone Preliminary CPI data and US Core PCE Price Index for fresh trading impetus.

EUR/USD 15-minutes chart

EUR/USD levels to watch

EUR/USD

Overview
Today last price	1.1101
Today Daily Change	0.0023
Today Daily Change %	0.21
Today daily open	1.1077

Trends
Daily SMA20	1.0897
Daily SMA50	1.0889
Daily SMA100	1.0959
Daily SMA200	1.1013

Levels
Previous Daily High	1.1094
Previous Daily Low	1.0992
Previous Weekly High	1.1009
Previous Weekly Low	1.08
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.1055
Daily Fibonacci 61.8%	1.1031
Daily Pivot Point S1	1.1015
Daily Pivot Point S2	1.0953
Daily Pivot Point S3	1.0913
Daily Pivot Point R1	1.1117
Daily Pivot Point R2	1.1156
Daily Pivot Point R3	1.1218

Author

FXStreet Team

FXStreet

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