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4 Jun 2015
EUR/USD drops to fresh lows near 1.1230
FXStreet (Mumbai) - The shared currency snapped its side trend and dropped sharply versus the American dollar in the European morning, knocking-off EUR/USD to fresh session lows. The major edged lower towards 1.12 handle largely correcting heavy gains seen on Wednesday. While a strong rebound in the US dollar versus its major peers also added to downside in the pair.
EUR/USD slipped from 1.1263
The EUR/USD pair trades -0.37% at fresh session lows of 1.1233, breaking its consolidation phase. The EUR/USD pair ended its two-day rally and fell in to losses mainly driven by fresh demand for the US dollar in a rather data-softened European session.
While, the major also edged lower on correction as traders resorted to profit-taking on EUR longs after the recent ECB Draghi-led upsurge and also after the pair failed to breach the key 1.13 barrier.
In the day ahead, markets will focus on US economic releases and hence on USD moves in absence of significant macro data to be published during the European session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1284 (June 3 High) levels, above which gains could be extended to 1.1328 (May 19 High) levels. On the flip side, support is seen at 1.1201 (May 13 Low) below which it could extend losses to 1.1177 (May 8 Low) levels.
EUR/USD slipped from 1.1263
The EUR/USD pair trades -0.37% at fresh session lows of 1.1233, breaking its consolidation phase. The EUR/USD pair ended its two-day rally and fell in to losses mainly driven by fresh demand for the US dollar in a rather data-softened European session.
While, the major also edged lower on correction as traders resorted to profit-taking on EUR longs after the recent ECB Draghi-led upsurge and also after the pair failed to breach the key 1.13 barrier.
In the day ahead, markets will focus on US economic releases and hence on USD moves in absence of significant macro data to be published during the European session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1284 (June 3 High) levels, above which gains could be extended to 1.1328 (May 19 High) levels. On the flip side, support is seen at 1.1201 (May 13 Low) below which it could extend losses to 1.1177 (May 8 Low) levels.