EUR/USD stretches to fresh highs as dollar pulls back

EUR/USD rose through the 1.14 mark and stretched to fresh 5-day highs at the beginning of the American session, with the move mostly driven by USD profit taking.

EUR/USD climbed to its highest level since last Friday at 1.1422, but stalled a few pips shy from its 10-day SMA. There was no clear catalyst behind the move, other than the USD correcting lower following several days of gains. At time of writing, the pair is trading at 1.1420, up 0.43% on the day.

EUR/USD levels to watch

In terms of technical levels, immediate resistances line up at 1.1426 (10-day SMA), 1.1478 (May 6 high) and 1.1529 (May 4 high). On the flip side, supports are seen at 1.1358 (20-day SMA/May 10 low), 1.1297 (Apr 29 low) and 1.1281 (50-day SMA).