EUR/USD attacks 1.06

FXStreet (Mumbai) - The shared currency was relentlessly sold-off versus the greenback in the mid-European session, knocking off EUR/USD closer to 1.06 barrier, largely on the back of renewed strength in the US dollar rising higher on yesterday’s better US data and FOMC minutes.

EUR/USD drops from 1.0640

The EUR/USD trades lower by -0.50% at 1.0605 levels, falling to fresh three week lows posted at 1.0601 levels some minutes ago. EUR/USD fell further into losses as a fresh round of USD buying was witnessed which pushed the greenback higher to fresh three week highs versus the euro.

Moreover, the major remains pressured as the problems in Greece continuing to act as a drag it is becoming increasingly apparent, despite yesterday’s latest repayment to the IMF.

Meanwhile, EUR/USD breached the key 1.0650 support, below that its back on track with its underlying bearishness which may knock-off the pair to test yearly lows at 1.0460 levels.

In the day ahead, there is nothing much to report as the EUR calendar remains fairly dry and US session offers little in terms of Fed’s Lacker speech for further momentum on the major.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.0700 levels, above which gains could be extended to 1.0718 (March 10 High) levels. On the flip side, support is seen at 1.0579 (March 17 Low) below which it could extend losses to 1.0550 (March 16 Low) levels.