6 Mar 2015
EUR/USD dips below 1.10
FXStreet (Mumbai) - The shared currency continues to weaken in the wake of ECB’s QE and Draghi’s comments, taking the EUR/USD pair below 1.10 levels. The pair had hit a low of 1.0986 in the previous session before recovering to finish above 1.10 levels.
EUR weakens as bond yields fall across the Eurozone
The single currency declined as the benchmark yields across the Eurozone fell. The Italian 10-year yield fell 3 basis points (bps) to 1.27%, while the Spanish 10-year yield dropped 4 basis points to 1.24%. The 10-year yield in Portugal is down 10 bps to 1.69%. Meanwhile, German 10-year yield is trading flat at 0.349%.
The EUR/USD pair, currently trading at 1.0995, could extend losses further if the non-farm payrolls report in the US beats the consensus estimates.
EUR/USD Technical Levels
The immediate support is seen at the previous session’s low at 1.0986, under which the next major support is seen at 1.0792. On the other hand, a rise above 1.1055, could see the pair re-test 1.1140.
EUR weakens as bond yields fall across the Eurozone
The single currency declined as the benchmark yields across the Eurozone fell. The Italian 10-year yield fell 3 basis points (bps) to 1.27%, while the Spanish 10-year yield dropped 4 basis points to 1.24%. The 10-year yield in Portugal is down 10 bps to 1.69%. Meanwhile, German 10-year yield is trading flat at 0.349%.
The EUR/USD pair, currently trading at 1.0995, could extend losses further if the non-farm payrolls report in the US beats the consensus estimates.
EUR/USD Technical Levels
The immediate support is seen at the previous session’s low at 1.0986, under which the next major support is seen at 1.0792. On the other hand, a rise above 1.1055, could see the pair re-test 1.1140.