EUR/USD extends gains, approaches 1.1200

EUR/USD climbed further at the beginning of the New York session and posted fresh 1-week highs as the dollar continues to weaken across the board, with no clear catalysts for the move.

EUR/USD broke through several resistance levels on Wednesday and reached a peak of 1.1189 before taking a breather nearby. The pair was last trading at 1.1185, recording a 0.63% gain on the day.

In the absence of economic data releases on both sides of the Atlantic, EUR/USD has continued to take back last week’s losses, when the dollar benefitted from BoE easing measures and a stronger-than-expected US jobs report.

EUR/USD levels to watch

In terms of technical levels, next resistances are seen at 1.1229 (100-day SMA),1.1300 (psychological level) and 1.1337 (Jun 27 high). On the other hand, supports could be found at 1.1080 (200-day SMA), 1.1045 (Aug 5 low), 1.0951 (Jul 25 low) and 1.0911 (Jun 24 low).