26 Mar 2015
EUR/USD rises to three-week high
FXStreet (Mumbai) - The EUR/USD pair rose to a three-week high amid falling European stocks and a broad based sell-off in the US dollar.
USD falls amid risk aversion in stocks
The EUR has been able to extend gains as the US dollar is being sold, despite sharp weakness in the European stocks. The major European markets have weakened between 0.5% to 1.3%. Still, the usually favored US dollar is being sold across the board, taking the EUR/USD pair to a new session high of 1.1046.
Further gains also depend on the US weekly jobs data and services PMI data due for release later today.
EUR/USD Technical Levels
The immediate resistance is seen at 50-DMA located at 1.1107, above which gains could be extended to 1.1150 levels. On the flip side, a break below 1.1 could push the pair back to 1.0960 levels.
USD falls amid risk aversion in stocks
The EUR has been able to extend gains as the US dollar is being sold, despite sharp weakness in the European stocks. The major European markets have weakened between 0.5% to 1.3%. Still, the usually favored US dollar is being sold across the board, taking the EUR/USD pair to a new session high of 1.1046.
Further gains also depend on the US weekly jobs data and services PMI data due for release later today.
EUR/USD Technical Levels
The immediate resistance is seen at 50-DMA located at 1.1107, above which gains could be extended to 1.1150 levels. On the flip side, a break below 1.1 could push the pair back to 1.0960 levels.