Europe’s single currency journeyed to a peak of 1.1145 against its US counterpart last week, adding more than 200 pips into Friday’s close.
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Europe’s shared currency retained a healthy underlying bid against the US dollar Thursday, adding 0.7% by London’s close. The US dollar index maintained a position south of 99.00, crossing through 98.50. In spite of this, the DXY was initially unmoved by the revision lower to Q1 GDP and larger-than-forecast unemployment claims.
Wednesday had the shared currency rebound strongly against the US dollar, off May’s opening level at 1.0943. 1.10 came under threat shortly after, displaying a fakeout through the key figure to April’s opening level at 1.1023 on the H4 timeframe.
With the US dollar index travelling through 99.50 and touching gloves with 99.00, EUR/USD H4 price is seen seeking additional bidders for a push to nearby 1.10, a key figure widely watched in this market.