EUR/USD eyes 1.1500 as the US dollar tumbles across the board

• EUR/USD seems ready to test 1.1500 and about to hit highest since January 2019.
• US dollar extends slide as US stocks hold firm in positive territory.

The EUR/USD pair broke to the upside and limbed to 1.1495, hitting the highest level since Mach. It is about to test the 1.1500 area, and a break above would see the euro trade at highest since January 2019.

The move higher was triggered by a weaker US dollar across the board. The DXY is falling 0.50%, trading at 95.37, the lowest since March, about to post the third decline in a row. In Wall Street, the Dow Jones is up 1.25%, and the Nasdaq is losing 0.25%.

The euro rose modesty versus the Swiss franc and the pound during the last hours, finally receiving some support after the European Union agreement. Leaders of the 27 nations agreed on a €750 billion recovery fund to help those economies most affected by the coronavirus (€390 billion in grants and €360 billion in loans).

Levels to watch

On the upside, the immediate resistance in the EUR/USD pair is seen at 1.1500, followed by 1.1515 (February 2019 high) and 1.1550. On the flip side 1.1470 (July 20 high) is the nearest support and then emerges 1.1450 (20-hour moving average) and 1.1420 (daily low).