6 Mar 2015
EUR/USD sidelined above 1.10
FXStreet (Mumbai) - EUR/USD steadied near its lowest levels in twelve years in the early European morning, extending its side trend from the previous session as traders continue to digest European Central Bank (ECB)'s announcement on the details of quantitative easing (QE). While trader’s eye US jobs data later in the session.
EUR/USD bounces-off sub 1.100 levels
The EUR/USD now trades flat at 1.1019 levels, retracing from the lowest levels since Set 2003 at 1.0987 reached in the US last session. EUR/USD remains undermined as traders weigh impacts of ECB comments and its planned implementation starting March 9. EUR/USD came under further pressure and fell to fresh twelve year lows below crucial psychological mark - 1.100 following ECB Draghi’s comments that the central bank would buy sovereign debt with negative yields down to the level of the ECB deposit rate; -0.20%.
Meanwhile, EUR/USD is expected to trade cautious ahead of US NFP data, as the dollar might get even more of a boost on the release.
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-off sub 1.100 levels
The EUR/USD now trades flat at 1.1019 levels, retracing from the lowest levels since Set 2003 at 1.0987 reached in the US last session. EUR/USD remains undermined as traders weigh impacts of ECB comments and its planned implementation starting March 9. EUR/USD came under further pressure and fell to fresh twelve year lows below crucial psychological mark - 1.100 following ECB Draghi’s comments that the central bank would buy sovereign debt with negative yields down to the level of the ECB deposit rate; -0.20%.
Meanwhile, EUR/USD is expected to trade cautious ahead of US NFP data, as the dollar might get even more of a boost on the release.
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.