23 Mar 2015
EUR/USD consolidates above 1.08, ECB Draghi’s testimony in focus
FXStreet (Mumbai) - EUR/USD swung between gains and losses in the Asian session, finally holding firmly above 1.08 handle ahead of Europe open as traders await fresh incentives from ECB Draghi’s speech later in the session amid a data-light EUR economic calendar.
EUR/USD regains 1.0800
The EUR/USD now trades flat at 1.0820 levels, bouncing-off day’s low at 1.0784 levels. EUR/USD continues to trade directionless heading in to European opening bells as EUR bulls remain on the back seat after ending last week sharply higher mainly due to a dovish FOMC and short covering, which pushed the pair just shy of 1.09 handle.
Moreover, markets now shift their attention towards ECB Chief Draghi’s testimony on monetary policy before the European Parliament's Economic and Monetary Affairs Committee later in the day for clear direction on the major, followed by US existing home sales data.
Also on the minds of investors this week will be the ongoing situation between Greece and its debtors, with talks between Germany and Greece set to continue later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0835 (Today’s High) levels, above which gains could be extended to 1.0883 (March 20 High) levels. On the flip side, support is seen at 1.0784 (Today’s Low) levels, below which it could extend losses to 1.0700 levels.
EUR/USD regains 1.0800
The EUR/USD now trades flat at 1.0820 levels, bouncing-off day’s low at 1.0784 levels. EUR/USD continues to trade directionless heading in to European opening bells as EUR bulls remain on the back seat after ending last week sharply higher mainly due to a dovish FOMC and short covering, which pushed the pair just shy of 1.09 handle.
Moreover, markets now shift their attention towards ECB Chief Draghi’s testimony on monetary policy before the European Parliament's Economic and Monetary Affairs Committee later in the day for clear direction on the major, followed by US existing home sales data.
Also on the minds of investors this week will be the ongoing situation between Greece and its debtors, with talks between Germany and Greece set to continue later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0835 (Today’s High) levels, above which gains could be extended to 1.0883 (March 20 High) levels. On the flip side, support is seen at 1.0784 (Today’s Low) levels, below which it could extend losses to 1.0700 levels.