FXStreet (Edinburgh) – The European currency remains trimming the sharp pullback to the mid-1.0900s, with EUR/USD now advancing beyond the 1.1100 handle.
EUR/USD propped up by SNB intervention
The pair managed to quickly leave behind the Greece-induced pullback to the 1.0950 area in early trade. The renewed buying interest in the euro has been supported by SNB intervention via EUR/CHF, as the central bank is trying to avoid an excessive appreciation of the Swiss franc, all against the backdrop of increasing ‘flight-to-quality’ by market participants.
Data wise in Euroland, Economic Sentiment and Business Climate have come in below expectations for the current month, while Germany will publish its preliminary inflation figures during June.
EUR/USD key levels
At the moment the pair is down 0.41% at 1.1115 with the next support at 1.0954 (low Jun.29) ahead of 1.0918 (low Jun.2) and finally 1.0900 (psychological level). On the other hand, a surpass of 1.1126 (high Jun.29) would expose 1.1219 (high Jun.26) and then 1.1283 (high Jun.23).
The European currency remains trimming the sharp pullback to the mid-1.0900s, with EUR/USD now advancing beyond the 1.1100 handle…
(Market News Provided by FXstreet)