29 Apr 2015
EUR/USD turns positive, 1.10 in sight
FXStreet (Mumbai) - The shared currency erased losses and turn in positive territory versus its US counterpart in the European morning, with EUR/USD inching towards 1.10 handle, largely as traders prefer to hold the single currency ahead of the outcome of Federal Open Market Committee (FOMC) meeting later today and the key US Q1 GDP figures.
EUR/USD rises from 1.0970
The EUR/USD trades lower by -0.10% at 1.0970 levels, retreating from session highs reached at 1.0988 in last hours. EUR/USD edged higher as markets remain cautious with traders exiting previous long USD positions ahead of the FOMC meeting, which concludes today.
The euro jumped to multi-week highs in the previous session on a broad US dollar sell-off following a continuous set of weak US data which eased earlier Fed rate hike bets just before Fed meeting.
Meanwhile, traders may also await US GDP data and Fed statement due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.10 levels, above which gains could be extended to 1.1035 (March 6 High) levels. On the flip side, support is seen at 1.0960 (Today’s Low) below which it could extend losses to 1.0909 (April 6 Low) levels.
EUR/USD rises from 1.0970
The EUR/USD trades lower by -0.10% at 1.0970 levels, retreating from session highs reached at 1.0988 in last hours. EUR/USD edged higher as markets remain cautious with traders exiting previous long USD positions ahead of the FOMC meeting, which concludes today.
The euro jumped to multi-week highs in the previous session on a broad US dollar sell-off following a continuous set of weak US data which eased earlier Fed rate hike bets just before Fed meeting.
Meanwhile, traders may also await US GDP data and Fed statement due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.10 levels, above which gains could be extended to 1.1035 (March 6 High) levels. On the flip side, support is seen at 1.0960 (Today’s Low) below which it could extend losses to 1.0909 (April 6 Low) levels.