EUR/USD testing highs post-EMU data

May 29, 2015

The shared currency picked up further pace vs. the dollar on Friday, pushing EUR/USD to challenge session tops near 1.0970.

EUR/USD eyes 1.10, US GDP

The pair saw its upside boosted despite mixed results in the euro area showed Private Loans coming in flat vs. expectations for a 0.2% gain, while the M3 Money Supply expanded more than anticipated during April, at an annual pace of 5.3%. Further data showed Italian GDP expanding 0.3% QoQ during Q1 and 0.1% on a yearly basis, surpassing prior surveys.

In the meantime, the G7 meeting has resumed in Dresden with the re-negotiation of the Greek debt taking centre stage, mainly following yesterday’s comments by IMF Chief C.Lagarde.

EUR/USD levels to watch

At the moment the pair is up 0.18% at 1.0969 with the next resistance at 1.1026 (10-d MA) ahead of 1.1062 (low May 20) and then 1.1067 (38.2% of 1.1468-1.0819). On the downside, a break below 1.0867 (low May 28) would target 1.0819 (low May 27) and finally 1.0785 (low Apr.24).

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