28 Apr 2015
EUR/USD bounces-off 1.09
FXStreet (Mumbai) - The shared currency continues to trade lack lustre versus the greenback in the early European trades, with EUR/USD failing to breach 1.09 handle on several occasion, as markets mainly focus on the UK GDP numbers while Greece concerns continue to hamper investors’ sentiment.
EUR/USD retraces sharply from 1.0896 highs
The EUR/USD trades moderately lower at 1.0880 levels, in a slim 20-pips range with the major supported at 1.0875 lows. EUR/USD keeps the range from Asia and remains in red amid a minor recovery seen in the US dollar following weak US services PMI figures led drop yesterday.
Moreover, the upside in the pair seems restricted as the recent the developments surrounding Greece continue to weigh on EUR/USD. The Greek government needs to find around €1 billion for salaries and pensions this week, as well as around €200 million by the end of the week to repay the IMF.
Meanwhile, traders may also await US HPI and consumer confidence data due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0928 (April 27 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0818 (April 27 Low) below which it could extend losses to 1.0802 (April 7 Low) levels.
EUR/USD retraces sharply from 1.0896 highs
The EUR/USD trades moderately lower at 1.0880 levels, in a slim 20-pips range with the major supported at 1.0875 lows. EUR/USD keeps the range from Asia and remains in red amid a minor recovery seen in the US dollar following weak US services PMI figures led drop yesterday.
Moreover, the upside in the pair seems restricted as the recent the developments surrounding Greece continue to weigh on EUR/USD. The Greek government needs to find around €1 billion for salaries and pensions this week, as well as around €200 million by the end of the week to repay the IMF.
Meanwhile, traders may also await US HPI and consumer confidence data due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0928 (April 27 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0818 (April 27 Low) below which it could extend losses to 1.0802 (April 7 Low) levels.