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22 Apr 2015
EUR/USD retreats from 1.0775 highs
FXStreet (Mumbai) - EUR/USD extends its recovery mode in the European session, reversing overnight losses, as the shared currency received further impetus from latest comments from ECB’s Coeure amid renewed broad US dollar sell-off.
EUR/USD bounces-off highs
The EUR/USD edged 0.20% higher and now trades at 1.0759, easing of fresh session highs at 1.0775. EUR/USD recovered losses and jumped nearly 50-pips this morning as the US dollar fell deep in red against its major rivals with the DXY retreating to 97.98 from highs of 98.34, recording a -0.24% loss on the day.
The EUR/USD pair received additional boost from ECB’s Coeure comments after he told Greek newspaper Kathimerini today that the central bank will continue to fund Greek banks as long as they remain solvent and have sufficient collateral, somewhat easing concerns surrounding Greece.
However, the upside in the major remains capped as Greek concerns continue to pull the euro down, with the pressure rising as Friday’s Euro group meeting approaches.
Meanwhile, traders now turn their focus towards a raft of PMI reading across the Euro area to be reported tomorrow in absence of any major data for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0775 (Today’s High) levels, above which gains could be extended to 1.0800 levels. On the flip side, support is seen at 1.0700 below which it could extend losses to 1.0658 (April 21 Low) levels.
EUR/USD bounces-off highs
The EUR/USD edged 0.20% higher and now trades at 1.0759, easing of fresh session highs at 1.0775. EUR/USD recovered losses and jumped nearly 50-pips this morning as the US dollar fell deep in red against its major rivals with the DXY retreating to 97.98 from highs of 98.34, recording a -0.24% loss on the day.
The EUR/USD pair received additional boost from ECB’s Coeure comments after he told Greek newspaper Kathimerini today that the central bank will continue to fund Greek banks as long as they remain solvent and have sufficient collateral, somewhat easing concerns surrounding Greece.
However, the upside in the major remains capped as Greek concerns continue to pull the euro down, with the pressure rising as Friday’s Euro group meeting approaches.
Meanwhile, traders now turn their focus towards a raft of PMI reading across the Euro area to be reported tomorrow in absence of any major data for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0775 (Today’s High) levels, above which gains could be extended to 1.0800 levels. On the flip side, support is seen at 1.0700 below which it could extend losses to 1.0658 (April 21 Low) levels.