23 Mar 2015
EUR/USD drops below 1.08
FXStreet (Mumbai) - A fresh wave of selling hit the share currency, which pushed the EUR/USD below 1.08 levels ahead of the European opening bell. The pair clocked a low of 1.0782, before settling at the current rate of 1.0794.
EUR/USD: supported by 5-DMA
The pair managed to sustain above the 5-DMA located at 1.0788 levels, after having breached the key Fib level on the downside. The 38.2% fib retracement level of the post Fed up trend from 1.0461 to 1.1033 located at 1.0815 was breached earlier today.
Amid a thin data docket, the pair is likely to be influenced by the ECB Chief Draghi’s testimony on monetary policy before the European Parliament's Economic and Monetary Affairs Committee later today. The Merkel-Tsipras talks are also likely to hog the limelight.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0832, above which gains could be extended to 1.0881. On the flip side, a break below 1.0782, could drive the pair lower to 1.0748.
EUR/USD: supported by 5-DMA
The pair managed to sustain above the 5-DMA located at 1.0788 levels, after having breached the key Fib level on the downside. The 38.2% fib retracement level of the post Fed up trend from 1.0461 to 1.1033 located at 1.0815 was breached earlier today.
Amid a thin data docket, the pair is likely to be influenced by the ECB Chief Draghi’s testimony on monetary policy before the European Parliament's Economic and Monetary Affairs Committee later today. The Merkel-Tsipras talks are also likely to hog the limelight.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0832, above which gains could be extended to 1.0881. On the flip side, a break below 1.0782, could drive the pair lower to 1.0748.