5 Aug 2015
EUR/USD pares losses, recovers to 1.0875
FXStreet (Mumbai) - The single currency sees modest recovery from fresh session lows versus the US dollar in the mid-European session, with EUR/USD still keeping the red below 1.09 handle. The major struggles to recover losses completely as Fed Lockhart’s rate lift-off comments continue to keep the European currency undermined amid the latest chatter surrounding Greece.
EUR/USD rises from 1.0849 lows
The EUR/USD pair trades -0.10% lower at 1.0870, striving for 1.09 handle. The EUR/USD pair maintains the offered tone, although erased more than half its slide, as the traders continue to favour the US currency ahead of a series of US fundamentals to be published later today.
Moreover, the euro remained largely subdued and continued to trade in a tight range on ignoring the upbeat services PMI readings from across the currency bloc and remaining under pressure on the back of a stronger USD.
Meanwhile, markets now turn their attention towards US macro updates due later in the New York session as the session ahead is likely to bring more incentives for the pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0885 (Today’s High) levels, above which gains could be extended to 1.0908 (July 17 High) levels. On the flip side, support is seen at 1.0810 (July 21 Low) below which it could extend losses to 1.0712 (March levels).
EUR/USD rises from 1.0849 lows
The EUR/USD pair trades -0.10% lower at 1.0870, striving for 1.09 handle. The EUR/USD pair maintains the offered tone, although erased more than half its slide, as the traders continue to favour the US currency ahead of a series of US fundamentals to be published later today.
Moreover, the euro remained largely subdued and continued to trade in a tight range on ignoring the upbeat services PMI readings from across the currency bloc and remaining under pressure on the back of a stronger USD.
Meanwhile, markets now turn their attention towards US macro updates due later in the New York session as the session ahead is likely to bring more incentives for the pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0885 (Today’s High) levels, above which gains could be extended to 1.0908 (July 17 High) levels. On the flip side, support is seen at 1.0810 (July 21 Low) below which it could extend losses to 1.0712 (March levels).