25 May 2015
EUR/USD drops to 1.0960, 50% rally retraced
FXStreet (Mumbai) - The EUR/USD was rejected at 1.1104 earlier today after which it fell below its 50-DMA at 1.0979, whereby it ran into fresh offers that pushed it lower to 1.0960 levels.
EUR/USD: 50% rally retraced
The pair now trades just below 1.0963, which is the 50% retracement of the rally from 1.0461-1.1465. The drop from 1.1465 triggered by both – Eurozone factors as well as the US factors. The renewed concerns regarding Greek banks running out of collateral sparked the initial sell-off, which was followed by a strong US CPI data released on Friday.
Consequently, the bid tone on the USD is strong enough to ensure the currency pair remains in the red amid thin volumes on account of trading holiday in the US and Europe.
EUR/USD Technical Levels
A break below the immediate support zone at 1.0925-1.09 could drive the pair lower to 1.0845. On the flip side, a break above 1.09797 (50-DMA) could see the currency pair re-test 1.09-1.0910 levels.
EUR/USD: 50% rally retraced
The pair now trades just below 1.0963, which is the 50% retracement of the rally from 1.0461-1.1465. The drop from 1.1465 triggered by both – Eurozone factors as well as the US factors. The renewed concerns regarding Greek banks running out of collateral sparked the initial sell-off, which was followed by a strong US CPI data released on Friday.
Consequently, the bid tone on the USD is strong enough to ensure the currency pair remains in the red amid thin volumes on account of trading holiday in the US and Europe.
EUR/USD Technical Levels
A break below the immediate support zone at 1.0925-1.09 could drive the pair lower to 1.0845. On the flip side, a break above 1.09797 (50-DMA) could see the currency pair re-test 1.09-1.0910 levels.