20 Jan 2015
EUR/USD back below 1.1600
FXStreet (Mumbai) - EUR/USD shaved off previous session gains and resumed its downslide in the Asian morning, on broad based US dollar strength.
Currently, the EUR/USD traded at 1.1581 levels, down -0.20% on the day, having posted day’s high at 1.1602 and day’s low at 1.1573 levels. The EUR/USD advanced on Monday as investors took profits from short positions after the recent slide to twelve year lows. However, the strength in the single currency only looked temporary as the downtrend remained intact. Moreover, a strengthening US dollar versus its major counterparts also contributed to the losses in the main currency pair.
Meanwhile, traders now await German PPI and ZEW Economic Sentiment figures from Germany and the EMU for any major impact on the pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1602 (Today’s High) levels, above which gains could be extended to 1.1650 (Jan 16 High) levels. On the flip side, support is seen at 1.1544 (Jan 19 Low) levels, below which it could extend losses to 1.15 levels.
Currently, the EUR/USD traded at 1.1581 levels, down -0.20% on the day, having posted day’s high at 1.1602 and day’s low at 1.1573 levels. The EUR/USD advanced on Monday as investors took profits from short positions after the recent slide to twelve year lows. However, the strength in the single currency only looked temporary as the downtrend remained intact. Moreover, a strengthening US dollar versus its major counterparts also contributed to the losses in the main currency pair.
Meanwhile, traders now await German PPI and ZEW Economic Sentiment figures from Germany and the EMU for any major impact on the pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1602 (Today’s High) levels, above which gains could be extended to 1.1650 (Jan 16 High) levels. On the flip side, support is seen at 1.1544 (Jan 19 Low) levels, below which it could extend losses to 1.15 levels.