27 Aug 2015
EUR/USD: Relief rally capped by Monday’s low
FXStreet (Mumbai) - The bid tone around the EUR/USD pair keeps reducing as we head into the European opening bells, as the greenback pares losses from Asia against its major competitors. While focus shifts back to the US GDP data due to be reported later in the New York session.
EUR/USD: revisiting daily lows
The EUR/USD pair trades 0.23% higher at 1.1340, retreating from 1.1357 reached in the early Asian trading. The major shed some early gains as the USD bulls seem to regain ground somewhat and resume its previous rally backed by surprisingly upbeat U durable goods orders print.
Moreover, ongoing risk sentiment further bolstered by Chinese equities joining the Asian rally also continues to weigh on EUR/USD, restricting further upmoves.
On Wednesday, EUR/USD erased Monday’s gains entirely and dropped below 1.13 barrier after the US dollar jumped following the release of positive US durable goods data and alos tracking stronger US equities performance.
Looking ahead, the main currency pair is likely to track USD moves as the New York session holds the much awaited US Q2 GDP figures while the Jackson Hole Symposium will also remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1361 (Aug 24 Low), above which gains could be extended to 1.1394 (Aug 21 High) levels. On the flip side, support is seen at 1.1323 (Today’s Low) below which it could extend losses to 1.1289 (Aug 27 Low) levels.
EUR/USD: revisiting daily lows
The EUR/USD pair trades 0.23% higher at 1.1340, retreating from 1.1357 reached in the early Asian trading. The major shed some early gains as the USD bulls seem to regain ground somewhat and resume its previous rally backed by surprisingly upbeat U durable goods orders print.
Moreover, ongoing risk sentiment further bolstered by Chinese equities joining the Asian rally also continues to weigh on EUR/USD, restricting further upmoves.
On Wednesday, EUR/USD erased Monday’s gains entirely and dropped below 1.13 barrier after the US dollar jumped following the release of positive US durable goods data and alos tracking stronger US equities performance.
Looking ahead, the main currency pair is likely to track USD moves as the New York session holds the much awaited US Q2 GDP figures while the Jackson Hole Symposium will also remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1361 (Aug 24 Low), above which gains could be extended to 1.1394 (Aug 21 High) levels. On the flip side, support is seen at 1.1323 (Today’s Low) below which it could extend losses to 1.1289 (Aug 27 Low) levels.