Back
15 May 2015
EUR/USD back above 1.14
FXStreet (Mumbai) - The EUR/USD pair is witnessing a Déjà vu moment as the European desks preferred EUR over the USD on the back of a rising German-US yield spread.
Yield spread favors EUR
The pair recovered from the low of 1.1368 to trade around 1.1410 levels on the back of a favorable benchmark yield spread. The 10-year German yield is down 3 basis points at 0.67%, while the US 10-year treasury yield is down 4 basis points at 2.19%.
The trading desks are likely to continue tracking the yield spread as the European data docket is empty. Ahead in the day, the markets could take cues from the US industrial production data and Prelim. Michigan confidence index.
EUR/USD Technical Levels
The pair currently trades at 1.1410. The immediate resistance is located at 1.1443, above which the gains could be extended to 1.1532. On the other hand, a break below 1.1369, could drive the pair lower to 1.1324.
Yield spread favors EUR
The pair recovered from the low of 1.1368 to trade around 1.1410 levels on the back of a favorable benchmark yield spread. The 10-year German yield is down 3 basis points at 0.67%, while the US 10-year treasury yield is down 4 basis points at 2.19%.
The trading desks are likely to continue tracking the yield spread as the European data docket is empty. Ahead in the day, the markets could take cues from the US industrial production data and Prelim. Michigan confidence index.
EUR/USD Technical Levels
The pair currently trades at 1.1410. The immediate resistance is located at 1.1443, above which the gains could be extended to 1.1532. On the other hand, a break below 1.1369, could drive the pair lower to 1.1324.