EUR USD Boosted on daily high
11/25/2016 9:33:28 AM
EUR/USD found support near NY lows and now makes another effort to regain 5-DMA as the USD expands its corrective slide against EUR in early Europe.
Currently, EUR/USD trades +0.21% higher at 1.0575, flirting with daily tops posted previously at 1.0578. The main currency pair is seen merging the Asian recovery, with the bulls finding break from a broad based withdrawal in the USD, in response to held up buying in the treasury yields.
On Thursday, the EUR/USD pair presented a solid bounce from the lowest levels since March 2015 got just ahead of 1.0500 handle, and rallied as high as 1.0587 levels, before giving up half the gains to settle the day almost unchanged at 1.0555.
In technical view, the pair finds the immediate persistence 1.0590. A break beyond the last, doors will open for a test of 1.0630 and from there to 1.0647. On the other hand, the immediate support is placed at 1.0520 below which 1.0500 and 1.0455 could be tested.
Written by FxErvin