10 Mar 2015
EUR/USD peeks below 1.0700
FXStreet (Córdoba) - EUR/USD fell below the 1.0700 level for first time in 12 years on Tuesday as Greek debt concerns and ECB bond-buying program are keeping the euro undermined.
EUR/USD briefly dropped below the 1.07 mark and hit its lowest level since April 2003 at 1.0697 in recent dealings. While the euro is being dragged down by its own issues, the dollar remains as the best performers in the FX market amid expectations the Federal Reserve will be the first major bank to raise rates in June.
At time of writing, the pair is trading at 1.0710, recording a % loss on the day. EUR/USD has fallen 8 out of the last 9 days, making fresh lows on a daily basis.
If EUR/USD breaks decisively below 1.0690 (Apr 11 2003 low) next supports are seen at 1.0640 (Apr 8 2003 low) and 1.0600 (psychological level). On the other hand, near-term resistances could be faced at 1.0790 (intraday level) and 1.0852 (daily high).
The euro has fallen to multi-year lows against the pound and the yen as well. EUR/GBP fell below 0.7100 to a 7-year low of 0.7093. EUR/JPY broke below 130.00 and bottomed out at 129.66, last seen August 2013.
EUR/USD briefly dropped below the 1.07 mark and hit its lowest level since April 2003 at 1.0697 in recent dealings. While the euro is being dragged down by its own issues, the dollar remains as the best performers in the FX market amid expectations the Federal Reserve will be the first major bank to raise rates in June.
At time of writing, the pair is trading at 1.0710, recording a % loss on the day. EUR/USD has fallen 8 out of the last 9 days, making fresh lows on a daily basis.
If EUR/USD breaks decisively below 1.0690 (Apr 11 2003 low) next supports are seen at 1.0640 (Apr 8 2003 low) and 1.0600 (psychological level). On the other hand, near-term resistances could be faced at 1.0790 (intraday level) and 1.0852 (daily high).
The euro has fallen to multi-year lows against the pound and the yen as well. EUR/GBP fell below 0.7100 to a 7-year low of 0.7093. EUR/JPY broke below 130.00 and bottomed out at 129.66, last seen August 2013.