28 Jul 2015
EUR/USD bounces-off lows near 1.1050
FXStreet (Mumbai) - The offered tone surrounding the EUR/USD pair increased in the European morning, with the shared currency facing fresh offers near 1.1085, pushing the pair lower on every attempt towards 1.11 barrier.
EUR/USD falls from 1.1085
The EUR/USD pair trades -0.25% lower at 1.1060, bouncing-off lows reached at 1.1053 some minutes ago. EUR/USD reversed a part of yesterday’s gains and slipped in to the negative territory in the European session as markets bought the US currency as resurfaced concerns surrounding Chinese equity markets sparked risk-off sentiment.
The minor correction witnessed in EUR/USD is also on the back of profit-taking on the EUR longs after the sharp Monday’s rally backed by falling US dollar and above estimates German Ifo surveys.
Looking ahead, markets now await US consumer confidence data due later today for fresh cues on further USD moves ahead of Wednesday’s FOMC decision.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1100 levels, above which gains could be extended to 1.1125 (July 9 High) levels. On the flip side, support is seen at 1.1053 (Today’s Low) below which it could extend losses to 1.0971 (July 27 Low) levels.
EUR/USD falls from 1.1085
The EUR/USD pair trades -0.25% lower at 1.1060, bouncing-off lows reached at 1.1053 some minutes ago. EUR/USD reversed a part of yesterday’s gains and slipped in to the negative territory in the European session as markets bought the US currency as resurfaced concerns surrounding Chinese equity markets sparked risk-off sentiment.
The minor correction witnessed in EUR/USD is also on the back of profit-taking on the EUR longs after the sharp Monday’s rally backed by falling US dollar and above estimates German Ifo surveys.
Looking ahead, markets now await US consumer confidence data due later today for fresh cues on further USD moves ahead of Wednesday’s FOMC decision.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1100 levels, above which gains could be extended to 1.1125 (July 9 High) levels. On the flip side, support is seen at 1.1053 (Today’s Low) below which it could extend losses to 1.0971 (July 27 Low) levels.