Investing.com - The euro pushed higher against the U.S. dollar on Monday, amid hopes for progress on the Greek debt front, while uncertainty over the timing of a U.S. rate hike continued to dampen demand for the greenback.
EUR/USD hit 1.0940 during U.S. morning trade, the pair's highest since March 18; the pair subsequently consolidated at 1.0931, advancing 1.04%.
The pair was likely to find support at 1.0648, the low of March 20 and resistance at 1.1032, the high of March 18.
The single currency found some support after Greek authorities said on Friday that they were moving towards meeting the requirements of international creditors on a more detailed reform plan in order to secure the additional bailout funds required to prevent the country's bankruptcy.
Greek Prime Minister Alexis Tsipras was set to meet with German Chancellor Angela Merkel in Berlin on Monday.
In addition, European Central Bank President Mario Draghi was to appear before a European Parliament committee later in the day, with the situation in Greece likely to be high on the agenda.
Meanwhile, the dollar remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.
However, despite the past week’s reversal the greenback was likely to continue to strengthen, with the Fed still expected to raise interest rates ahead of other central banks.
Separately, the National Association of Realtors earlier reported that U.S. existing home sales increased 1.2% to 4.88 million units last month from 4.82 million in January. Analysts had expected existing home sales to rise 1.7% to 4.90 million units in February.
The euro was sharply higher against the pound, with EUR/GBP rallying 1.33% to 0.7327.
In the U.K., the Confederation of British Industry said that its index of industrial order expectations fell to zero this month from a reading of 10 in February. Analysts had expected the index to slip to 9 in March.