EUR/USD leaps to highs near 1.1300

The common currency is now gathering further steam vs. the buck, lifting EUR/USD to the area of daily peaks near the 1.1300 handle.

EUR/USD stronger on dollar drop

The greenback is now accentuating the bearish momentum following the opening bell in Wall St, allowing the pair to clinch fresh tops in the 1.1300 neighbourhood amidst a broad based recovery in the risk-associated space.

Spot has been trading on a firm fashion today, extending yesterday’s rebound from the 1.1130 area in response to diminishing fears on the likeliness of the UK leaving the European Union at the Referendum next week.

EUR/USD is thus closing the week with gains, although the upside remains capped by the short-term trend line from 2016 tops at 1.1615 (May 3), today at 1.1368.

EUR/USD levels to watch

The pair is now advancing 0.56% at 1.1289 and a break above 1.1309 (55-day sma) would target 1.1366 (trendline from 1.1617) and then 1.1417 (high Jun.8). On the other hand, the immediate support aligns at 1.1131 (low Jun.16) followed by 1.1100 (200-day sma) and finally 1.1096 (low May 30).