EUR/USD continues to rise, hits fresh highs near 1.1700

Matías Salord FXStreet

EUR/USD reached fresh highs during the American session. The pair rebounded from 1.1630 and slowly climbed to 1.1682, setting a new 2017 high. It remains near the top, consolidating important weekly gains and headed toward the highest daily close since January 2015.

A weak US dollar is the main driver of today’s EUR/USD upside move. The greenback is again suffering from a recovery in US bonds. The 10-year yield dropped to 2.225%, the lowest since June 29.

US Dollar extends losses, hits new 13-month low below 94

Levels to watch

EUR/USD is consolidating above the 1.1500 handle. From a technical perspective represents the break of a 2-year range between 1.0400 and 1.1500, that could open the doors to a rise in the medium term.

According to Valeria Bednarik, Chief Analysts at FXStreet, above 1.1680 resistance levels might be located at 1.1715 and 1.1745, while on the flip side, she places support area around 1.1615, 1.1570 and 1.1530.

“With the help of ECB, EUR surmounted this level without much difficulty and the focus has shifted to the Aug 2015 high of 1.1710”, said analysts at UOB Group.

EUR/USD bullish, set sales for 1.1710 – UOB

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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