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EUR/USD rises to three-week high

FXStreet (Mumbai) - The EUR/USD took out offers around 1.1320 at one go to print a three-week high of 1.1347,leading to broad based EUR strength.

EUR poised for a weekly gain

At 1.1336, the pair appears on track to end the week higher. A rise to 1.1318 last week was met with heavy EUR selling, resulting in a largely unchanged weekly closing for the pair.

The latest uptick from 1.1310 to 1.1347 cannot be attributed to a specific reason, since the stock markets in Europe continue to trade mixed. Moreover, the move appears to be the continuation of the rise witnessed in early Europe on the back of dovish Fed minutes. Heading into the weekend, the pair could continue to track movement in the equity markets.

EUR/USD Technical Levels

At 1.1330, the immediate resistance is seen at 1.1376 (weekly 50-MA), above which the spot could target 1.14. A break above the same would open doors for a re-test of 1.1460 (September high). On the other side, a break below 1.13 could push the pair back to 1.1234 (50-DMA), under which the losses could be extended to 1.1197 (50-DMA).

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