13 Aug 2015
EUR/USD bounces-off lows ahead of 1.1100
FXStreet (Mumbai) - The European currency finds goods support at 1.1100 levels and recovers half its slide in the European morning, lifting EUR/USD back towards 1.1150 barrier, as the greenback receded from session top, offering some respite to the euro.
EUR/USD faces stiff resistance at 1.1150
The EUR/USD pair trades -0.33% lower at 1.1120, recovering from session lows reached at 1.1107 in early moves. The major fights hard in a bid to reclaim 1.1150 near term resistance, although the renewed strength in the US dollar keeps the shared currency undermined.
Moreover, upbeat German final CPI also failed to boost the EUR bulls as the main currency pair fell further into losses post the data release. Consumer prices increased 0.2% m/m in July, compared with preliminary projections for a 0.2% increase.
Meanwhile, markets now await ECB minutes due later in the session ahead of the much awaited US retail sales data to be reported in the US session for further momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1198 (July 13 High) levels, above which gains could be extended to 1.1218 (July 10 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1080 (June 8 Low).
EUR/USD faces stiff resistance at 1.1150
The EUR/USD pair trades -0.33% lower at 1.1120, recovering from session lows reached at 1.1107 in early moves. The major fights hard in a bid to reclaim 1.1150 near term resistance, although the renewed strength in the US dollar keeps the shared currency undermined.
Moreover, upbeat German final CPI also failed to boost the EUR bulls as the main currency pair fell further into losses post the data release. Consumer prices increased 0.2% m/m in July, compared with preliminary projections for a 0.2% increase.
Meanwhile, markets now await ECB minutes due later in the session ahead of the much awaited US retail sales data to be reported in the US session for further momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1198 (July 13 High) levels, above which gains could be extended to 1.1218 (July 10 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1080 (June 8 Low).