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Trading news
23 Apr 2015
EUR/USD extends beyond 1.0720
FXStreet (Mumbai) - The shared currency wiped-out losses and edged mildly higher versus the greenback in the mid-European session, with EUR/USD hovering fresh session highs, largely as the US dollar stalled its upside momentum against its major rivals, offering some respite to the euro.
EUR/USD supported above 1.07
The EUR/USD trades at fresh session highs around 1.0735 levels. EUR/USD turns positive largely driven by a muted US dollar against its major rivals with the DXY retreating to session lows near 98.20.
The EUR/USD pair defends mild gains and completely ignored the latest series of downbeat PMI readings from the Euro zone as the major remains highly impacted by USD moves.
However, the upside in the EUR/USD pair remains capped as weaker German bund yields and Greek concerns continue to pull the euro down, with the pressure rising as tomorrow’s Euro group meeting approaches.
Meanwhile, traders now turn their focus towards US economic releases to be reported later in the day for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0825 (April 21 High) levels. On the flip side, support is seen at 1.0700 below which it could extend losses to 1.0658 (April 21 Low) levels.
EUR/USD supported above 1.07
The EUR/USD trades at fresh session highs around 1.0735 levels. EUR/USD turns positive largely driven by a muted US dollar against its major rivals with the DXY retreating to session lows near 98.20.
The EUR/USD pair defends mild gains and completely ignored the latest series of downbeat PMI readings from the Euro zone as the major remains highly impacted by USD moves.
However, the upside in the EUR/USD pair remains capped as weaker German bund yields and Greek concerns continue to pull the euro down, with the pressure rising as tomorrow’s Euro group meeting approaches.
Meanwhile, traders now turn their focus towards US economic releases to be reported later in the day for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0825 (April 21 High) levels. On the flip side, support is seen at 1.0700 below which it could extend losses to 1.0658 (April 21 Low) levels.