EUR/USD jumps to test 1.0780 amid a rally in German yields

Dhwani Mehta FXStreet

The EUR/USD pair is seen extending its break higher from near 1.07 handle, and now prints fresh three-week tops at 1.0768 amid a solid rebound staged by the German bund yields. The benchmark 10-year German bund yields rally almost 17% to eight-day highs of 0.237%.

Moreover, latest reports of Japan’s life insurance company, Mitsui Life, planning to buy a few more euro based bonds to its portfolio in 2017/18, also collaborated to the rebound in EUR/USD.

Furthermore, extension of losses in the US dollar across the board, despite rising treasury yields, remains supportive of the latest leg higher in the spot. The USD index drops -0.36% to 99.35, fresh three-week troughs.

All eyes now remain on the US Philly Fed manufacturing index and jobless claims data due later in the NA session. In the meantime, the major will get influenced by the price-action around the German yields.

Besides, speech from the US treasury secretary Mnuchin will hog the limelight later today.

RTRS Poll: ECB seen extending QE beyond December

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0800 (round number), 1.0827 (Mar 29 high) and finally 1.0850 (psychological levels). On the flip side, the spot finds next support at 1.0702/00 (Daily pivot/ round number), a break below that level could open the door to 1.0663/60/59 (5, 20 & 50-DMA) and 1.0600 (classic S2/ Fib S3).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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