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3 Mar 2015
EUR/USD drops close to five week lows at 1.1170
FXStreet (Mumbai) - EUR/USD reversed upbeat German retail sales induced gains and fell in red below 1.12 threshold during the mid-European session mainly due to broad based recovery witnessed in the US dollar.
EUR/USD hovers near lows at 1.1170 levels
The EUR/USD now trades -0.10% lower at 1.1173 levels, falling back below 1.12 handle. EUR/USD swung between gains and losses tracking strong Euro zone fundamentals and US dollar moves. The losses in the main currency pair is largely driven by renewed strength in the greenback versus its major counterpart.
Moreover, the pair is expected to remain pressured around 1.12 threshold and may test 1.1098 level (Jan lows) as the ECB sets to launch its QE program later this week.
Meanwhile, markets now shift their attention towards EMU retail sales and services PMI readings across the Euro area tomorrow, in absence of significant macro data later in the day, for further momentum on the pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1213 (Today’s High) levels, above which gains could be extended to 1.1241 (March 2 High) levels. On the flip side, support is seen at 1.1158 (March 2 Low) levels, below which it could extend losses to 1.1100 (Jan Low) levels.
EUR/USD hovers near lows at 1.1170 levels
The EUR/USD now trades -0.10% lower at 1.1173 levels, falling back below 1.12 handle. EUR/USD swung between gains and losses tracking strong Euro zone fundamentals and US dollar moves. The losses in the main currency pair is largely driven by renewed strength in the greenback versus its major counterpart.
Moreover, the pair is expected to remain pressured around 1.12 threshold and may test 1.1098 level (Jan lows) as the ECB sets to launch its QE program later this week.
Meanwhile, markets now shift their attention towards EMU retail sales and services PMI readings across the Euro area tomorrow, in absence of significant macro data later in the day, for further momentum on the pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1213 (Today’s High) levels, above which gains could be extended to 1.1241 (March 2 High) levels. On the flip side, support is seen at 1.1158 (March 2 Low) levels, below which it could extend losses to 1.1100 (Jan Low) levels.