24 Jun 2015
EUR/USD consolidates near 1.1170
FXStreet (Mumbai) - The shared currency trades around a flat line versus the US dollar in the mid-Asian trades, keeping EUR/USD in a slim range below 1.12 handle. The European currency is seen consolidating previous heavy losses ahead of German Ifo and US final GDP figures due to be reported later today.
EUR/USD supported at 1.1160
The EUR/USD pair trades modestly flat at 1.1174, trading in a tight 20 pips range. The EUR/USD pair remains largely muted after witnessing the biggest fall in June on Tuesday on the back of resurgence in greenback strength following improves US housing market conditions and Fed Powell’s hawkish comments.
The major trades directionless in Asia as traders remain cautious ahead of Euro group meeting later today after Monday’s failed Greek talks which heavily dampened market sentiments. While divergent monetary policy outlooks between the Euro zone and the US is expected to keep the EUR/USD undermined.
Looking ahead, German Ifo Business Climate and the third estimate US Q1 GDP data is likely to remain the main market movers for today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1134 (June 23 Low) below which it could extend losses to 1.1080 (June 8 Low) levels.
EUR/USD supported at 1.1160
The EUR/USD pair trades modestly flat at 1.1174, trading in a tight 20 pips range. The EUR/USD pair remains largely muted after witnessing the biggest fall in June on Tuesday on the back of resurgence in greenback strength following improves US housing market conditions and Fed Powell’s hawkish comments.
The major trades directionless in Asia as traders remain cautious ahead of Euro group meeting later today after Monday’s failed Greek talks which heavily dampened market sentiments. While divergent monetary policy outlooks between the Euro zone and the US is expected to keep the EUR/USD undermined.
Looking ahead, German Ifo Business Climate and the third estimate US Q1 GDP data is likely to remain the main market movers for today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1134 (June 23 Low) below which it could extend losses to 1.1080 (June 8 Low) levels.