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EU leaders reach deal on migration: EUR/USD jumps above 1.16

6/29/2018, 11:13:32 AMMarket Analysis
EU leaders reach deal on migration: EUR/USD jumps above 1.16

The bid tone around the EUR strengthened after the European Union's (EU) Donald Tusk informed markets that European leaders reached an agreement on migration.

At press time, the EUR/USD is trading at 1.1625, having clocked a session high of 1.1636.

The migration row was threatening the EU's unity and could have brought down German Chancellor Merkel's coalition government. Consequently, the common currency had dipped below the long-term ascending trendline (drawn from Dec 2017 low and April 2017 low).

However, the migration deal has pushed the EUR back above the key rising trendline. It remains to be seen if the common currency is able to capitalize on this relief rally.

EUR/USD Technical Levels

Resistance: 1.1631 (100-hour moving average), 1.1698 (4-hour 200MA), 1.1721 (June 25 high resistance on 4-hour chart).

Support: 1.1613 (4-hour 50MA), 1.1527 (previous day's low), 1.1508 (June 21 low).