17 Aug 2015
EUR/USD drops to lows near 1.1070
FXStreet (Mumbai) - The shared currency snapped its side-trend and drop sharply lower against its US counterpart in the European morning, sending EUR/USD back below 1.11 handle, as the European traders return to their desks still digesting last week’s upbeat US fundamentals, thereby boosting the greenback across the board.
EUR/USD falls from 1.1100 levels
The EUR/USD pair trades -0.40% lower at fresh session lows of 1.1065, failing another attempt to sustain above 1.11 handle. The major witnessed steep losses after unable to resist the 1.1080 key support and dropped to session lows as the euro succumbed to the rising greenback against its major competitors.
The EUR/USD pair extends its bearish tone amid a data-quiet EUR calendar with only the the Euro zone trade figures awaited to set the tone for the day ahead while the development surrounding Greece will also be closely eyed ahead of big ECB repayment due this Wednesday. August 20 is the day when Greece is scheduled to make a €3.5 billion bond repayment to the European Central Bank.
Meanwhile, Empire State manufacturing index and NAHB housing market index will be also watch for further momentum. Looking ahead, Moreover, this week's US inflation data will feed into the debate as to when the central bank is likely to push the button on a modest rate increase. In addition, latest FOMC minutes from the July meeting are due on Wednesday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1123 (Aug 16 High) levels, above which gains could be extended to 1.1198 (July 13 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.1000 (psychological levels).
EUR/USD falls from 1.1100 levels
The EUR/USD pair trades -0.40% lower at fresh session lows of 1.1065, failing another attempt to sustain above 1.11 handle. The major witnessed steep losses after unable to resist the 1.1080 key support and dropped to session lows as the euro succumbed to the rising greenback against its major competitors.
The EUR/USD pair extends its bearish tone amid a data-quiet EUR calendar with only the the Euro zone trade figures awaited to set the tone for the day ahead while the development surrounding Greece will also be closely eyed ahead of big ECB repayment due this Wednesday. August 20 is the day when Greece is scheduled to make a €3.5 billion bond repayment to the European Central Bank.
Meanwhile, Empire State manufacturing index and NAHB housing market index will be also watch for further momentum. Looking ahead, Moreover, this week's US inflation data will feed into the debate as to when the central bank is likely to push the button on a modest rate increase. In addition, latest FOMC minutes from the July meeting are due on Wednesday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1123 (Aug 16 High) levels, above which gains could be extended to 1.1198 (July 13 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.1000 (psychological levels).