EUR/USD: Bulls in control, holds above 1.1300

By FXStreet FXStreet (Mumbai) – EUR/USD witnessed fresh buying interest towards the late-Asian, driving the major to fresh highs beyond 1.13 barrier. The major now eased-off highs and defends mild gains as we head into early European dealings.

EUR/USD clings to 1.13 handle

The EUR/USD pair trades 0.08% 1.1309, retreating from fresh session highs posted at 1.1322. The main currency pair wiped-out early losses and swung back higher above 1.13 handle as widespread risk aversion continues to boost the safe-haven status of the common currency.

Moreover, tracking the negative performance of the Asian indices, European stocks are expected to open in the red, as reflected by most major European indices futures which are trading lower by -0.50% -0.70%.

Meanwhile, markets ignored the outcome of the Greece elections with Syriza leading the way. Greek Prime Minister Alexis Tsipras victory remains a net positive for the Euro group and Greece’s international creditors as Tsipras’ Government had clinched the bailout funding deal against meeting harsh austerity measures last July.

A lighter start to the data-busy week, with only German PPI to seek some attention in the European session ahead. Meanwhile, the pair is likely to be influenced by the risk-off/on market sentiment.

EUR/USD Technical Levels

The pair has an immediate resistance …read more

Source:: FX Street