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2 Mar 2015
EUR/USD bounces-off fresh 5-week lows, EZ data eyed
FXStreet (Mumbai) - EUR/USD trimmed losses and recovered slightly from fresh five-week lows in the European morning, mostly driven by a broadly stronger greenback ahead of a string of PMI readings across the Euro area economies.
EUR/USD fails in an attempt to breach 1.12 handle
The EUR/USD pair now trades -0.13% lower at 1.1180 levels, retreating from fresh five week lows previously reached at 1.1160 levels. EUR/USD extended its softer tone in to the European opening bells as US dollar remained fairly bid across its major counterparts, riding higher on strong fundamentals released last week.
Moreover, the pair is expected to remain pressured and may test 1.1098 level (Jan lows) as the ECB sets to launch its QE program later this week. Meanwhile, markets now shift their attention towards Euro zone PMI reading and US data later in the day for further momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1245 (Feb 27 High) levels. On the flip side, support is seen at 1.1160 levels, below which it could extend losses to 1.1100 (Jan Low) levels.
EUR/USD fails in an attempt to breach 1.12 handle
The EUR/USD pair now trades -0.13% lower at 1.1180 levels, retreating from fresh five week lows previously reached at 1.1160 levels. EUR/USD extended its softer tone in to the European opening bells as US dollar remained fairly bid across its major counterparts, riding higher on strong fundamentals released last week.
Moreover, the pair is expected to remain pressured and may test 1.1098 level (Jan lows) as the ECB sets to launch its QE program later this week. Meanwhile, markets now shift their attention towards Euro zone PMI reading and US data later in the day for further momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1245 (Feb 27 High) levels. On the flip side, support is seen at 1.1160 levels, below which it could extend losses to 1.1100 (Jan Low) levels.