18 Feb 2015
EUR/USD falls to fresh session lows at 1.1385
FXStreet (Mumbai) - EUR/USD edged lower in the European morning, erasing gains from the Asian session largely on US dollar strength versus its major counterparts as markets now gear up for the upcoming Fed meeting minutes later in the day.
EUR/USD remains below 1.1400
The EUR/USD now trades lower by -0.18% at 1.1390, quickly retreating from new session lows at 1.1385 levels. EUR/USD reversed previous gains and tick down largely on a US dollar recovery across the board after New York Manufacturing Index released in the US last session dragged the USD lower. The US dollar index, which measures the relative strength of the greenback versus six major currencies, hovers close to daily highs at 94.32, up nearly 0.20% on the day.
Meanwhile, traders now shift their attention towards US economic releases due later in the day, in absence of significant Euro zone data for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1449 (Feb 17 High) levels, above which gains could be extended to 1.1488 (Feb 6 High) levels. On the flip side, support is seen at 1.1322 (Feb 17 Low) levels, below which it could extend losses to 1.1300 levels.
EUR/USD remains below 1.1400
The EUR/USD now trades lower by -0.18% at 1.1390, quickly retreating from new session lows at 1.1385 levels. EUR/USD reversed previous gains and tick down largely on a US dollar recovery across the board after New York Manufacturing Index released in the US last session dragged the USD lower. The US dollar index, which measures the relative strength of the greenback versus six major currencies, hovers close to daily highs at 94.32, up nearly 0.20% on the day.
Meanwhile, traders now shift their attention towards US economic releases due later in the day, in absence of significant Euro zone data for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1449 (Feb 17 High) levels, above which gains could be extended to 1.1488 (Feb 6 High) levels. On the flip side, support is seen at 1.1322 (Feb 17 Low) levels, below which it could extend losses to 1.1300 levels.