EUR/USD rises to a high of 1.1779 in trading today
The move in the last hour eclipses Friday's high of 1.1767 as the dollar remains weak in trading today after the move lower following Friday's jobs report. Currently, the pair is looking to move above the 76.4 retracement level on the hourly chart @ 1.1771, and if buyers manage that then the 1.1800 handle will be eyed next.
It's not a major spike by any means, it's been a slow and steady grind higher for the euro (and for other major currencies) against the greenback today.
Looking at the daily chart, offers at 1.1800 and resistance at 1.1812 will be the next key levels in focus for any upside move. That will be further met by resistance at the 38.2 retracement level @ 1.1848 - which capped the most recent rebound from the lows at 1.1510 back in May.
For buyers, that will be the key area to break above in order to fuel hopes of a return towards 1.1900 and possibly 1.2000. As mentioned earlier, the dollar remains weak in trading at the moment but key levels would still need to be breached before we see a U-turn in trading sentiment that we have seen since mid-April.
