EUR/USD: Looking to capitalise on Gains
Last week saw EURUSD finally break out of its 1.0700 – 1.1050 range at onr point seeing a high of 1.1235 before dropping back on Non Farm Payroll figures. Whether this break can be maintained depends a lot on USD. Last week Euro Zone news was mixed with lower than expected PMI’s but improving employment. This week sees Euro Group meetings and German GDP figures that could influence EUR/USD’s direction.
On Friday 1.1122 acted as support which corresponded to previous support in both September and January last year. If this were to break then 1.1050 could be the next level as it marked the top of the range and we could find support there. On the Upside 1.1250/79 area could provide initial resistance and a break beyond that wouls see 1.144o as the next target.