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7 Jan 2015
EUR/USD off fresh 9-year lows
FXStreet (Mumbai) - The single currency continued its downward momentum against the US dollar, however, pulled away from fresh nine year lows at 1.1851 levels hit in the early Asian hours, after a brief rebound witnessed in the last US session.
Currently, the EUR/USD pair traded at 1.1872, dropping -0.15% on the day, moving way from nine year lows. EUR/USD slipped as looming political instability in Greece ahead of general elections and bets that the European Central Bank will broaden its monetary intervention after a series of final services PMIs from Euro zone showed growth remained pretty bleak. Moreover, broad based US dollar strength may also weigh on the EUR/USD.
Meanwhile, markets may now focus on US Fed Meeting minutes due for release later today and crucial US NFP labour report due on Friday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.
Currently, the EUR/USD pair traded at 1.1872, dropping -0.15% on the day, moving way from nine year lows. EUR/USD slipped as looming political instability in Greece ahead of general elections and bets that the European Central Bank will broaden its monetary intervention after a series of final services PMIs from Euro zone showed growth remained pretty bleak. Moreover, broad based US dollar strength may also weigh on the EUR/USD.
Meanwhile, markets may now focus on US Fed Meeting minutes due for release later today and crucial US NFP labour report due on Friday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.