EUR/USD hits fresh highs but remains near 1.2350
- EUR/USD post modest gains amid a slide a of the USD.
- Euro hit a fresh high at 1.2363 but remains limited above 1.2360.
EUR/USD continues to move around 1.2350 with limited volatility. The pair reached a fresh daily high at 1.2363 after finding support at 1.2325. The euro trades near the 1.2360 zone as DXY tests daily lows.
A weak US Dollar moved EUR/USD to the upside. The greenback failed to benefit from a better-than-expected economic report from the US (Durable Goods Orders). US Dollar Index Futures are testing the 89.00 support area, down 0.35% for the day. Among market movers is gold, rising more than 1%. Wall Street opened in positive but failed to hold to gains. The DOW JONES was falling 0.40%.
The trend change in US stocks added support to the euro and the yen. USD/JPY dropped back below 105.00 while EUR/GBP erased daily losses during the last hour.
On a weekly basis, EUR/USD is about to post a gain of around 70 pips (biggest gain since early February). Still the chart shows the pair moving sideways around the 1.2350 level as it has been the case since late January.
Technical levels
To the upside, immediate resistance is seen at 1.2360, followed by 1.2410 (last week high) and 1.2460/80 (long-term downtrend). On the downside, support levels could be located at 1.2330 (20-hour moving average), 1.2295 (Mar 23 low) and 1.2240 (weekly low).