22 Jul 2015
EUR/USD rebounds to highs near 1.0960
FXStreet (Mumbai) - The EUR/USD pair extends its topsy-turvy ride in to the European session, with the European currency now swinging back into gains versus the US dollar as the greenback extends its corrective mode amid a data-empty EUR calendar ahead.
EUR/USD bounces-off 1.0930
The EUR/USD pair trades 0.23% higher at 1.0960, rebounding sharply from 1.0930 session lows. The major pared losses and climb higher bolstered by falling US dollar, extending its drop from the previous session as traders continue to lock-in gains after the recent Fed rate-hike fuelled rally to three-month highs.
However, the major faces resistance at 1.1000 – key levels and may resume its broader downtrend as divergence in the monetary policies of the ECB and Fed persists while reports from Bloomberg that China may dump euros in order to boost its USD reserves may also keep the EUR/USD pair undermined.
Looking ahead, existing home sales are due in the US on Wednesday, as markets now shift their focus towards a raft of flash manufacturing and manufacturing PMIs due for release on Friday amid a data-light European calendar for the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0966 (Today’s High) levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0854 (July 16 Low) below which it could extend losses to 1.0826 (July 17 Low) levels.
EUR/USD bounces-off 1.0930
The EUR/USD pair trades 0.23% higher at 1.0960, rebounding sharply from 1.0930 session lows. The major pared losses and climb higher bolstered by falling US dollar, extending its drop from the previous session as traders continue to lock-in gains after the recent Fed rate-hike fuelled rally to three-month highs.
However, the major faces resistance at 1.1000 – key levels and may resume its broader downtrend as divergence in the monetary policies of the ECB and Fed persists while reports from Bloomberg that China may dump euros in order to boost its USD reserves may also keep the EUR/USD pair undermined.
Looking ahead, existing home sales are due in the US on Wednesday, as markets now shift their focus towards a raft of flash manufacturing and manufacturing PMIs due for release on Friday amid a data-light European calendar for the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0966 (Today’s High) levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0854 (July 16 Low) below which it could extend losses to 1.0826 (July 17 Low) levels.