7 Apr 2015
EUR/USD languishes near daily lows
FXStreet (Mumbai) - The EUR/USD pair continues to trade around 1.0850 levels at the beginning of the US session.
Trades below key Fibo level
A weaker-than-expected Eurozone services PMI data released earlier today pushed the pair below 1.0869, which is the 38.2% Fib retracement of 1.1532-1.0461. The pair has shed almost 100 pips from the daily high of 1.0953.
Moreover, at the current level of 1.0850, the pair has effectively erased entire post-NFP gains witnessed on Friday. On the macro front, we do not have first tier economic data releases out of the US today. Broader market sentiment would continue to guide the EUR/USD pair.
EUR/USD Technical Levels
The immediate resistance is located at 1.0869, above which the pair may re-test 1.09. On the flip side, a break below 1.08 could drive the pair lower to 1.0748.
Trades below key Fibo level
A weaker-than-expected Eurozone services PMI data released earlier today pushed the pair below 1.0869, which is the 38.2% Fib retracement of 1.1532-1.0461. The pair has shed almost 100 pips from the daily high of 1.0953.
Moreover, at the current level of 1.0850, the pair has effectively erased entire post-NFP gains witnessed on Friday. On the macro front, we do not have first tier economic data releases out of the US today. Broader market sentiment would continue to guide the EUR/USD pair.
EUR/USD Technical Levels
The immediate resistance is located at 1.0869, above which the pair may re-test 1.09. On the flip side, a break below 1.08 could drive the pair lower to 1.0748.