18 Aug 2015
EUR/USD tests 1.1050 ahead of Europe open
FXStreet (Mumbai) - The EUR/USD pair ran through fresh offers near 1.1080 levels and dropped sharply in the early European trades, bringing an end to its overnight side-trend, largely as the US dollar resumed its bullish momentum ahead of key US housing data due later today.
EUR/USD drops from 1.1080
The EUR/USD pair trades -0.18% lower at 1.1058, hovering close to fresh session lows struck at 1.1052. The main currency pair extends its long run of losses in to a fifth day as the greenback continues to ride higher on the recent streak of better US economic news, paving the way for Sept Fed rate lift-off.
Moreover, markets remain cautious ahead of a busy week ahead as Wednesday’s US inflation figures and Fed minutes while Thursday’s looming Greece –ECB repayment keeps the EUR/USD undermined.
Meanwhile, the pair is likely to remain influenced by USD moves with traders now shifting focus towards US housing starts and building permits data due for release in the New York session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1123 (Aug 16 High) levels, above which gains could be extended to 1.1198 (July 13 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.0967 (July 27 Low).
EUR/USD drops from 1.1080
The EUR/USD pair trades -0.18% lower at 1.1058, hovering close to fresh session lows struck at 1.1052. The main currency pair extends its long run of losses in to a fifth day as the greenback continues to ride higher on the recent streak of better US economic news, paving the way for Sept Fed rate lift-off.
Moreover, markets remain cautious ahead of a busy week ahead as Wednesday’s US inflation figures and Fed minutes while Thursday’s looming Greece –ECB repayment keeps the EUR/USD undermined.
Meanwhile, the pair is likely to remain influenced by USD moves with traders now shifting focus towards US housing starts and building permits data due for release in the New York session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1123 (Aug 16 High) levels, above which gains could be extended to 1.1198 (July 13 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.0967 (July 27 Low).