5 Mar 2015
EUR/USD keeps losses around 1.1045, ECB in focus
FXStreet (Mumbai) - EUR/USD halted its downfall and steadied in the mid-European session, recovering from lows after Germany factory orders data missed estimates, while traders eye European Central Bank meeting later in the day for fresh incentives.
EUR/USD bounces from 1.1027 levels
The EUR/USD now trades lower by -0.28% at 1.1046 levels, retracing from the lowest levels since Set 2003 at 1.1027 levels. EUR/USD remains under pressure as traders await ECB press conference, where the central bank Chief Draghi is expected to outline the details of the bond purchasing stimulus program it announced in January.
Traders are also likely to assess the updated macroeconomic forecasts including GDP growth and CPI released by ECB for further insights on the economic condition of the Euro area.
EUR/USD tumbled to fresh twelve lows as downbeat German data exerted further pressure on the euro. Moreover, a broadly stronger US dollar continues to weigh on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1082 (Today’s High) levels, above which gains could be extended to 1.1100 levels. On the flip side, support is seen at 1.100 (Sept 2003 Lows) levels, below which it could extend losses to sub 1.10 mark.
EUR/USD bounces from 1.1027 levels
The EUR/USD now trades lower by -0.28% at 1.1046 levels, retracing from the lowest levels since Set 2003 at 1.1027 levels. EUR/USD remains under pressure as traders await ECB press conference, where the central bank Chief Draghi is expected to outline the details of the bond purchasing stimulus program it announced in January.
Traders are also likely to assess the updated macroeconomic forecasts including GDP growth and CPI released by ECB for further insights on the economic condition of the Euro area.
EUR/USD tumbled to fresh twelve lows as downbeat German data exerted further pressure on the euro. Moreover, a broadly stronger US dollar continues to weigh on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1082 (Today’s High) levels, above which gains could be extended to 1.1100 levels. On the flip side, support is seen at 1.100 (Sept 2003 Lows) levels, below which it could extend losses to sub 1.10 mark.