10 Mar 2015
EUR/USD slumps to fresh 12-year lows, 1.0750 in sight
FXStreet (Mumbai) - EUR/USD extends its losing streak and falls further to fresh twelve year lows in the mid-European session as the US dollar remains strongly bid across the board amid a quiet economic calendar for the day.
EUR/USD falls from 1.0800
The EUR/USD now trades at fresh twelve year low of 1.0772, recording a loss of -0.71% on the day. EUR/USD dives deeper in red on broad based US dollar strength as traders now increasingly anticipate the Federal Reserve (Fed) may drop its "patient" language at next week’s FOMC meeting on March 18, setting the stage for a hike in June or September this year.
Moreover, traders are giving up the shared currency and prefer the reserve currency on divergent monetary policy outlooks between the US and the old continent. The extensive scope of sovereign QE in the euro area which began yesterday is shifting investors from the euro.
Meanwhile, EUR/USD is expected to extend its downtrend on daily charts, as a huge sell-off still persists and support is somewhere seen around 1.0750 (Sept 2003 Low) levels.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0837 (Today’s High) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0785 (Today’s Low) levels, below which it could extend losses to 1.0750 (Sept 2003) levels.
EUR/USD falls from 1.0800
The EUR/USD now trades at fresh twelve year low of 1.0772, recording a loss of -0.71% on the day. EUR/USD dives deeper in red on broad based US dollar strength as traders now increasingly anticipate the Federal Reserve (Fed) may drop its "patient" language at next week’s FOMC meeting on March 18, setting the stage for a hike in June or September this year.
Moreover, traders are giving up the shared currency and prefer the reserve currency on divergent monetary policy outlooks between the US and the old continent. The extensive scope of sovereign QE in the euro area which began yesterday is shifting investors from the euro.
Meanwhile, EUR/USD is expected to extend its downtrend on daily charts, as a huge sell-off still persists and support is somewhere seen around 1.0750 (Sept 2003 Low) levels.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0837 (Today’s High) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0785 (Today’s Low) levels, below which it could extend losses to 1.0750 (Sept 2003) levels.