19 Aug 2015
EUR/USD rises to 1.1055 in early moves, Bundestag vote eyed
FXStreet (Mumbai) - The EUR/USD pair extended its overnight recovery mode in to the European opening bells, trading firmer around the mid-point of 1.10 handle, as the US dollar took a breather in its recent upsurge with focus now shifting back to German Parliament vote on Greek third bailout and the US economic releases.
EUR/USD finds good support above 1.1000
The EUR/USD pair trades 0.25% higher at fresh session highs at 1.1054, bouncing-off lows at 1.1027. The main currency pair snapped its 5-day decline and climbed higher in early European trades amid broad based US dollar weakness.
The greenback halted its upbeat momentum against it major competitors as traders resorted to profit-taking ahead of the key US macro releases due later in the US session ahead.
Moreover, markets remain optimistic ahead of Wednesday’s Bundestag vote on the Greek rescue package, although Thursday’s looming Greece –ECB repayment keeps the upside capped in the EUR/USD.
Meanwhile, the technical outlook is neutral as the pair needs to break the lower band of the trend line if bears want to start building any significant momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1096 (Aug 18 High) levels, above which gains could be extended to 1.1123 (Aug 16 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.0967 (July 27 Low).
EUR/USD finds good support above 1.1000
The EUR/USD pair trades 0.25% higher at fresh session highs at 1.1054, bouncing-off lows at 1.1027. The main currency pair snapped its 5-day decline and climbed higher in early European trades amid broad based US dollar weakness.
The greenback halted its upbeat momentum against it major competitors as traders resorted to profit-taking ahead of the key US macro releases due later in the US session ahead.
Moreover, markets remain optimistic ahead of Wednesday’s Bundestag vote on the Greek rescue package, although Thursday’s looming Greece –ECB repayment keeps the upside capped in the EUR/USD.
Meanwhile, the technical outlook is neutral as the pair needs to break the lower band of the trend line if bears want to start building any significant momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1096 (Aug 18 High) levels, above which gains could be extended to 1.1123 (Aug 16 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.0967 (July 27 Low).