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3 Jun 2015

EUR/USD on its way to 1.1200

FXStreet (Mumbai) - The shared currency snapped its side trend from Asia and resumed its upsurge versus American dollar in the early European trades, lifting EUR/USD firmly towards 1.12 handle. The major was heavily bid ahead of Europe open as market now awaits ECB monetary policy meeting due later this session which may possibly include upward revisions to growth and price targets.

EUR/USD spikes from 1.1161

The EUR/USD pair trades 0.27% higher at fresh two week highs of 1.1187, with eyes on 1.12 barrier. The EUR/USD pair extends its upward moves from the previous session as the shared currency ran through fresh buyers in the early European morning with markets still optimistic about a Greece deal being reached.

Moreover, upbeat EZ CPI print also continues to lift the sentiment around the euro as it paints a brighter of euro zone economy and also reinforces beliefs that the ECB QE program having its desired effects.

Meanwhile, traders continue tracking the development of debt talks with Greece. While the ECB will hold its monetary policy meeting later today with closely watching President Draghi’s latest thoughts on the effectiveness of the Bank’s QE programme and the ECB’s role in a possible deal for Greece.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1226 (May 4 High) levels. On the flip side, support is seen at 1.1135 (Today’s Low) below which it could extend losses to 1.1117 (May 19 Low) levels.
Jun 3, 2015

Spanish government report: Economy growing at 4% rate

Spanish newspaper El Mundo reports, via Bloomberg, that according to a government report, the economy is currently growing at 4% rate.
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Jun 3, 2015

USD/CHF rejected by the 55DMA – Commerzbank

Karen Jones, Head of Technical Analysis at Commerzbank, gives the outlook for USD/CHF, maintaining a cautious outlook on the pair.
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