EUR/USD rises further and hits 1-week highs above 1.1300

• A weaker US dollar first and a rally in the pound later, boosts EUR/USD further above 1.1300.  
• Euro clearly back above the level it had before the ECB meeting.  

The EUR/USD pair gained momentum during the US session and broke above 1.1315 and then spiked to 1.1334, reaching the highest level in a week. Today the pair is rising for the fourth-day in-a-row and it has fully recovered from the losses that followed last week ECB meeting.  

Today’s new high was reached after the UK Parliament backed an amendment that ruled out a no-deal Brexit at any point, a move opposed by PM May’s government. The vote was 312 – 308. Bloomberg is reporting that “May plans to ask the EU for an extension to the March 29 Brexit deadline lasting about two months”, according to their sources.  

EUR/USD Technical levels  

The euro remains near the top with the positive tone intact, holding above the relevant 1.1315/20 area, that also contains the 20-day moving average. A close above could point to further gains for the pair, signaling a potential bottom at 1.1175 (last week low).  

A retreat back under 1.1270, on the contrary, could point to US dollar strength ahead and a potential test of the 1.1200 zone.