18 May 2015
EUR/USD recovers to 1.1385
FXStreet (Mumbai) - The shared currency remains deep in red against its US counterpart in the European session, with EUR/USD attempting recovery to 1.14 handle. The main currency pair recovered partial losses, although remains weak with virtually no major macro data on cards while broad US dollar recovery and Greece headlines continue to undermine the euro.
EUR/USD rises from 1.1367
The EUR/USD trades -0.55% lower at 1.1387, retreating from session lows at 1.1367. EUR/USD erased partial losses and recovers in a bid to regain 1.14 barrier largely as the US dollar paused its sharp recovery and eased-off session highs against its major competitors.
Moreover, latest chatter surrounding Greece and IMF’s leaked memo stating that the embattled country might be on the verge of default also keeps the euro undermined. According to reports in the Greek media, the country's credit system has a cash cushion of just €3.5 billion in unused liquidity, following an increase in the deposits outflow last month.
There’s nothing much to report in the day ahead, except for German Buba monthly report, while the focus shifts to a flurry of EZ economic releases later in the week. While Wednesday FOMC minutes also keeps markets on the edge.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1450 (Today’s High) levels, above which gains could be extended to 1.1467 (May 15 High) levels. On the flip side, support is seen at 1.1367 (Today’s Low) below which it could extend losses to 1.1324 (May 15 Low) levels.
EUR/USD rises from 1.1367
The EUR/USD trades -0.55% lower at 1.1387, retreating from session lows at 1.1367. EUR/USD erased partial losses and recovers in a bid to regain 1.14 barrier largely as the US dollar paused its sharp recovery and eased-off session highs against its major competitors.
Moreover, latest chatter surrounding Greece and IMF’s leaked memo stating that the embattled country might be on the verge of default also keeps the euro undermined. According to reports in the Greek media, the country's credit system has a cash cushion of just €3.5 billion in unused liquidity, following an increase in the deposits outflow last month.
There’s nothing much to report in the day ahead, except for German Buba monthly report, while the focus shifts to a flurry of EZ economic releases later in the week. While Wednesday FOMC minutes also keeps markets on the edge.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1450 (Today’s High) levels, above which gains could be extended to 1.1467 (May 15 High) levels. On the flip side, support is seen at 1.1367 (Today’s Low) below which it could extend losses to 1.1324 (May 15 Low) levels.