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16 Mar 2015
EUR/USD slips from 1.0550
FXStreet (Mumbai) - EUR/USD trims gains during the European session, although emerged firmly from a brief dip below 1.05 earlier in the session, as markets brace for a quiet start to the week on the economic calendar.
EUR/USD witnesses solid recovery
The EUR/USD now trades at 1.0534 levels, recording a gain of 0.36% on the day, bouncing-off session high at 1.0553 levels reached an hour ago. EUR/USD failed to sustain at higher levels and retreated from highs as traders remain wary ahead of ECB President Mario Draghi’s speech on the Future of the Finance Industry in Frankfurt today which could spur some volatility. Moreover, uncertainties over Greece resurfaced which too also keeps a lid on the gains in EUR/USD.
Meanwhile, EUR/USD may remain buoyed amid a generalized US dollar weakness ahead of US macro data in light of a quiet euro economic calendar for rest of the session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0635 (Today’s High) levels, above which gains could be extended to 1.0683 (March 12 High) levels. On the flip side, support is seen at 1.0550 levels, below which it could extend losses to 1.0494 (March 12 Low) levels.
EUR/USD witnesses solid recovery
The EUR/USD now trades at 1.0534 levels, recording a gain of 0.36% on the day, bouncing-off session high at 1.0553 levels reached an hour ago. EUR/USD failed to sustain at higher levels and retreated from highs as traders remain wary ahead of ECB President Mario Draghi’s speech on the Future of the Finance Industry in Frankfurt today which could spur some volatility. Moreover, uncertainties over Greece resurfaced which too also keeps a lid on the gains in EUR/USD.
Meanwhile, EUR/USD may remain buoyed amid a generalized US dollar weakness ahead of US macro data in light of a quiet euro economic calendar for rest of the session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0635 (Today’s High) levels, above which gains could be extended to 1.0683 (March 12 High) levels. On the flip side, support is seen at 1.0550 levels, below which it could extend losses to 1.0494 (March 12 Low) levels.