EUR/USD hits news highs, eyes 1.1600

Nothing has changed during the last hours as the greenback remains under pressure boosting EUR/USD further to the upside. The pair broke higher during the American session, moving closer to 1.1600. 

A resilient euro, all it takes 

Price reached a fresh 1-year high at 1.1583 and now trades at 1.1570/75, a hundred pips above yesterday’s closing price. The recent rally started early in Asia after Senate Republicans abandoned their efforts to replace Obamacare. The Trump administration failed again, triggering a decline of the US dollar amid doubts about the strength of the Trump administration to pursue more reforms, like tax cuts.  

EUR/USD also received support for the rally of EUR/GBP, after UK inflation data and ahead of Thursday’s European Central Bank meeting. Speculations about what the ECB could announce or signal, regarding the massive purchase program supported the euro during the last weeks. 

EUR/USD technical levels 

To the upside, resistance levels might be located at 1.1580/85 (daily high) followed by 1.1615/20 (2016 high) and 1.1700 ahead of 1.1710/15 (Aug 2016 high). On the opposite direction, support now might lie at 1.1540 (intraday level), 1.1490 (Jul 12 high) and 1.1435 (10-day moving average).