7 Jan 2015
EUR/USD hits a new 9-Year Low
FXStreet (Mumbai) - The single currency dived against the US dollar, falling to fresh nine-year low levels as the traders view the slide in Euro zone price pressures numbers as a warning signal to European Central Bank officials to step up growth measures promptly.
Currently, the EUR/USD pair trades at fresh nine year low at 1.1841 levels, down -0.40% on the day, having posted day’s high at 1.1896 levels. EUR/USD remains pressured as the recently released economic numbers from the Euro zone show prices are not responding to the recent easing measures, which increases pressure on ECB policymakers to implement more aggressive stimulus, which knocked the Euro down to multi-year lows.
Meanwhile, the US dollar remains supported ahead of Fed’s minutes which may provide some hint on the timing for the rate hike.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.18, below which it could extend losses to 1.1780 levels.
Currently, the EUR/USD pair trades at fresh nine year low at 1.1841 levels, down -0.40% on the day, having posted day’s high at 1.1896 levels. EUR/USD remains pressured as the recently released economic numbers from the Euro zone show prices are not responding to the recent easing measures, which increases pressure on ECB policymakers to implement more aggressive stimulus, which knocked the Euro down to multi-year lows.
Meanwhile, the US dollar remains supported ahead of Fed’s minutes which may provide some hint on the timing for the rate hike.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.18, below which it could extend losses to 1.1780 levels.