Key Highlights
· Euro surged higher against the US dollar to trade above 1.1350 and looks set to challenge 1.14.
· US Initial Jobless Claims will be released by the US Department of Labor today, which is forecasted to increase from 265K to 275K.
· New Zealand Retail Sales released by the Statistics New Zealand posted a rise of 2.7% in the first quarter of 2015, compared to the preceding quarter.
EUR/USD - Technical Analysis
The shared currency climbed higher versus the US dollar, as the recent economic data in the US failed to lift the greenback resulting in a decline. The EUR/USD pair breached an important resistance area around 1.1320-50 to test the last swing high around 1.1380. 
There is a major bullish trend line formed on the 4-hours charts of the EUR/USD pair, which might provide support to the pair if it corrects lower moving ahead. Initial support can be seen around the 38.2% Fib retracement level of the last leg from the 1.1135 low to 1.1380 high.
The 4H RSI is well positioned above the 50 level, which means sellers might struggle to take the pair lower in the near term. On the upside, the 1.1400 resistance area holds the key for more gains, as a break above it could take EUR/USD towards 1.1480.
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EUR/USD: Poised For More Gains
Published 05/13/2015, 11:28 PM
Updated 07/09/2023, 06:32 AM
EUR/USD: Poised For More Gains
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