13 Aug 2015
EUR/USD extends corrective mode near 1.1130
FXStreet (Mumbai) - The shared currency took a breather in its recent upsurge and extends losses versus the US dollar in the early European trades, with EUR/USD now testing lows back on 1.11 handle. The major gave away a portion of previous rally and is seen consolidating ahead of German CPI data and ECB minutes due for release later this session.
EUR/USD rejected at 1.1189
The EUR/USD pair drops -0.20% to trade near session lows reached at 1.1132, retracing from 1.1189 highs reached in early Asia. The EUR/USD pair is seen ticking lower with 1.1100 levels back in sight as the greenback rebounded across the board on fading worries over PBOC yuan fix impact on the Fed rate hike decision.
Moreover, markets resorted to profit-taking after the European currency conquered 1.12 handle on Wednesday as traders now gear up for ECB July 16 monetary policy account due to be published later in the session.
Meanwhile, focus also shifts back to the much await US retail sales data to be reported in the US session prompting traders to favour the US dollar.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1198 (July 13 High) levels, above which gains could be extended to 1.1218 (July 10 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1080 (June 8 Low).
EUR/USD rejected at 1.1189
The EUR/USD pair drops -0.20% to trade near session lows reached at 1.1132, retracing from 1.1189 highs reached in early Asia. The EUR/USD pair is seen ticking lower with 1.1100 levels back in sight as the greenback rebounded across the board on fading worries over PBOC yuan fix impact on the Fed rate hike decision.
Moreover, markets resorted to profit-taking after the European currency conquered 1.12 handle on Wednesday as traders now gear up for ECB July 16 monetary policy account due to be published later in the session.
Meanwhile, focus also shifts back to the much await US retail sales data to be reported in the US session prompting traders to favour the US dollar.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1198 (July 13 High) levels, above which gains could be extended to 1.1218 (July 10 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1080 (June 8 Low).