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12 Mar 2015
EUR/USD rebounds, back above 1.05
FXStreet (Mumbai) - EUR/USD bounced-off sharply from a dip below 1.05 barrier, although remains in red heading towards the European opening bells, mainly driven by a halt in the greenback rally.
EUR/USD rebounds from 1.0496 levels
The EUR/USD now trades at 1.0537 levels, recording a loss of -0.10% on the day, having recovered from fresh twelve year lows previously posted at 1.0496 levels. EUR/USD retraced from lowest levels since Feb 2003 largely on the back of a retreat in the US dollar index as the USD bulls seems exhausted after piercing through the 100 mark for the first time since April 2003.
Earlier in the Asian trading, EUR/USD tumbled to fresh twelve year low below 1.05 and as the US dollar was heavily bid across the board. Diverging monetary policy outlooks between the US and the Europe boosted the reserve currency against the euro.
Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn repayment to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0553 (Today’s High) levels, above which gains could be extended to 1.0600 levels. On the flip side, support is seen at 1.0496 (Today’s Low) levels, below which it could extend losses to 1.0450 (Feb 2003) levels.
EUR/USD rebounds from 1.0496 levels
The EUR/USD now trades at 1.0537 levels, recording a loss of -0.10% on the day, having recovered from fresh twelve year lows previously posted at 1.0496 levels. EUR/USD retraced from lowest levels since Feb 2003 largely on the back of a retreat in the US dollar index as the USD bulls seems exhausted after piercing through the 100 mark for the first time since April 2003.
Earlier in the Asian trading, EUR/USD tumbled to fresh twelve year low below 1.05 and as the US dollar was heavily bid across the board. Diverging monetary policy outlooks between the US and the Europe boosted the reserve currency against the euro.
Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn repayment to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0553 (Today’s High) levels, above which gains could be extended to 1.0600 levels. On the flip side, support is seen at 1.0496 (Today’s Low) levels, below which it could extend losses to 1.0450 (Feb 2003) levels.