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25 May 2015
EUR/USD in red below 1.10
FXStreet (Mumbai) - The shared currency remains pressured and broke below the crucial 1.10 barrier, knocking-off EUR/USD to fresh monthly lows. The major keeps losses in the early European morning and extends declines largely on the back of a broadly stronger US dollar and on re-emergence of Greece debt woes.
EUR/USD recovers from 1.0966 – fresh one month lows
The EUR/USD pair trades 0.21% at 1.0990, retreating from fresh monthly lows reached in the Asian session. EUR/USD extends its weakness and trades below 1.10 barrier after the shared currency received a double blow last week on a rebound in US core CPI figures which boosted the US dollar while Greece debt repayment fears resurfaced over the weekend, spooking market sentiments.
On Friday, it was a strong broad USD rally following an upside surprise in US core inflation. While, it was the announcement from Greek policymakers on Sunday, that the country will not be able to make a payment to the International Monetary Fund (IMF) on June 5, which sent the euro under 1.10 for the first time since the end of April.
Meanwhile, the main currency pair is expected to remain pressured amid holiday-quiet trades, while US dollar will remain the major driver across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1010 (May 24 High) levels, above which gains could be extended to 1.1038 (April 6 High) levels. On the flip side, support is seen at 1.0958 (April 29 Low) below which it could extend losses to 1.0900 levels.
EUR/USD recovers from 1.0966 – fresh one month lows
The EUR/USD pair trades 0.21% at 1.0990, retreating from fresh monthly lows reached in the Asian session. EUR/USD extends its weakness and trades below 1.10 barrier after the shared currency received a double blow last week on a rebound in US core CPI figures which boosted the US dollar while Greece debt repayment fears resurfaced over the weekend, spooking market sentiments.
On Friday, it was a strong broad USD rally following an upside surprise in US core inflation. While, it was the announcement from Greek policymakers on Sunday, that the country will not be able to make a payment to the International Monetary Fund (IMF) on June 5, which sent the euro under 1.10 for the first time since the end of April.
Meanwhile, the main currency pair is expected to remain pressured amid holiday-quiet trades, while US dollar will remain the major driver across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1010 (May 24 High) levels, above which gains could be extended to 1.1038 (April 6 High) levels. On the flip side, support is seen at 1.0958 (April 29 Low) below which it could extend losses to 1.0900 levels.