EUR/USD stays above 1.12, Euro Stoxx turns positive

By FXStreet FXStreet (Mumbai) – The bid tone on the EUR/USD remains intact as the spot sustained above 1.12 even though the Euro Stoxx 50 futures turned positive ahead of the opening bell.

Focus on stocks

The Euroland economic calendar offers no major data releases. Consequently, the focus is likely to remain on the sentiment in the major European stock markets. At the time of writing, the Euro Stoxx 50 futures were up 0.5%. The futures were down 1% earlier today. Meanwhile, Dax futures also recovered losses to trade 0.3% higher.

The common currency rose to a high of 1.1244 earlier today, tracking the overnight weakness in the US equity markets.

EUR/USD Technical Levels

The spot currently trades around 1.1215. The immediate resistance is located at 1.1244 (daily high), above which gains could be extended to 1.1296 (23.6% of May14-Mar15 rally). On the other side, support is seen at 1.12 (10-DMA) and 1.1170 (5-DMA).
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Source:: FX Street