EUR/USD rises to a session high of 1.0975
The dollar and yen are continuing to stay pressured on the session, with the euro among the lead gainers as we see EUR/USD make fresh two-week highs of 1.0975 currently.
Notably, the euro is also posting a solid run higher against the franc since yesterday with EUR/CHF recovering from its “floor” around 1.0515 to 1.0655 at the moment.
As for the EUR/USD, the pair is now running into resistance from the 100-day MA (red line) @ 1.0972. That was the level that halted the upside move in early May with the daily close failing to break the 1.1000 handle at the time.
It will be a real test of buyers’ resolve once again to see if they can manage that this time.
Beyond that, there is further resistance from the 200-day MA (blue line) and 1 May high at 1.1017-18 currently. A break above those levels will give buyers more initiative to chase a move towards the late March high @ 1.1163 next potentially.