EUR / USD hits session high of 1.0975
The dollar and the yen continue to put pressure on the session, with the euro among the main winners, while the EUR / USD is currently hitting new two-week highs at 1.0975.
In particular, the euro has also posted a solid rally against the franc since yesterday, with the EUR / CHF rising from its “floor” around 1.0515 to 1.0655 for the time being.
As for EUR / USD, the pair is now encountering 100-day MA resistance (red line) @ 1.0972. It was the level that stopped the uptrend at the start of May, as the daily close failed to break the 1.1000 mark at the time.
It will be a real test of determination of buyers once again to see if they can handle this this time.
Beyond that, there is additional resistance from the MM at 200 days (blue line) and from the May 1 high at 1.1017-18 currently. A break above these levels will give buyers more initiative to continue an upward movement at the end of March @ 1.1163 potentially next.