EUR/USD testing highs post-EMU data

FXStreet (Edinburgh) – 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).

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

(Market News Provided by FXstreet)