25 Aug 2015
EUR/USD recovers from lows, back at 1.1550
FXStreet (Mumbai) - The shared currency recovers from lows and swings back to the familiar range versus the greenback around 1.1150 levels, with EUR/USD still submerged in the red, as the US dollar witnessed some buying interest on bargain hunting after Monday’s free-fall.
EUR/USD bounces-off lows near 1.1510
The EUR/USD pair trades -0.60% lower at 1.1550, recovering from session lows at 1.1514 reached during last hours. The major keeps losses as the euro was unimpressed by a set of upbeat German macro data released in the European morning.
Economic growth in Germany was 0.4% in the second quarter, following the rise of 0.3% booked in the March quarter, confirming estimates. While the headline Ifo Business Climate Index rose to 108.3 during the eighth month of the year, above the 108 booked in July.
Moreover, the US dollar kept its recovery mode intact from Monday’s heavy losses as risk-on sentiment seems to have resurfaced, diminishing the European currency’s safe-haven appeal.
Later in the session, services PMI, consumer confidence and new home sales from the US are due, but these figures are not expected to cause any significant moves as the whole focus now remains on the global risk aversion situation.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1584 (Today’s High), above which gains could be extended to 1.1675 (Jan 2015) levels. On the flip side, support is seen at 1.1525 (Today’s Low) below which it could extend losses to 1.1500.
EUR/USD bounces-off lows near 1.1510
The EUR/USD pair trades -0.60% lower at 1.1550, recovering from session lows at 1.1514 reached during last hours. The major keeps losses as the euro was unimpressed by a set of upbeat German macro data released in the European morning.
Economic growth in Germany was 0.4% in the second quarter, following the rise of 0.3% booked in the March quarter, confirming estimates. While the headline Ifo Business Climate Index rose to 108.3 during the eighth month of the year, above the 108 booked in July.
Moreover, the US dollar kept its recovery mode intact from Monday’s heavy losses as risk-on sentiment seems to have resurfaced, diminishing the European currency’s safe-haven appeal.
Later in the session, services PMI, consumer confidence and new home sales from the US are due, but these figures are not expected to cause any significant moves as the whole focus now remains on the global risk aversion situation.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1584 (Today’s High), above which gains could be extended to 1.1675 (Jan 2015) levels. On the flip side, support is seen at 1.1525 (Today’s Low) below which it could extend losses to 1.1500.