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24 Feb 2015
EUR/USD well bid above 1.1300, German data eyed
FXStreet (Mumbai) - EUR/USD remained subdued near lows in the early European morning, extending its downtrend from the previous session as markets closely watch developments from the Greece front ahead of key euro zone events due later in the day.
EUR/USD consolidates above 1.1320 levels
The EUR/USD now trades flat at 1.1327 levels, having posted fresh session lows at 1.1322 levels some minutes ago. EUR/USD trades cautious as markets now await Greece’s submission of the final version of the reforms list and its likely approval by Euro group, confirming a four-month loan extension agreement reached on Friday.
Meanwhile, EUR/USD is expected to remain pressured closely following events surrounding Greece and also ahead of German GDP numbers and Euro zone CPI data due for release later in the session. Also, ECB Chief Draghi’s comments at the official unveiling of the 20 euro banknote in Frankfurt will closely watched for any hints on the monetary policy stance.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1357 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 levels.
EUR/USD consolidates above 1.1320 levels
The EUR/USD now trades flat at 1.1327 levels, having posted fresh session lows at 1.1322 levels some minutes ago. EUR/USD trades cautious as markets now await Greece’s submission of the final version of the reforms list and its likely approval by Euro group, confirming a four-month loan extension agreement reached on Friday.
Meanwhile, EUR/USD is expected to remain pressured closely following events surrounding Greece and also ahead of German GDP numbers and Euro zone CPI data due for release later in the session. Also, ECB Chief Draghi’s comments at the official unveiling of the 20 euro banknote in Frankfurt will closely watched for any hints on the monetary policy stance.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1357 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 levels.