5 Mar 2015
EUR/USD poised to attack 1.10, ECB eyed
FXStreet (Mumbai) - EUR/USD freefall continues in the early European morning and plunges to fresh multi-year lows, as EUR bears continue to dominate the market ahead of German data and key ECB Meeting later today.
EUR/USD slips from 1.1056 levels
The EUR/USD now collapsed -0.41% to the lowest levels since Set 2003 at 1.1030 levels, and is set to test crucial 1.100 psychological levels. EUR/USD remains under pressure as traders remain nervous ahead of ECB meeting as all eyes will be on the release of updated macroeconomic forecasts including GDP growth and CPI. Traders will also scrutinize the bank's details on the framework of the soon-to-be-launched sovereign bond-buying program.
EUR/USD tumbled to fresh twelve lows as weaker euro zone PMIs, while on the flip side, solid US figures, continue to weigh on the main currency pair. Also, a strengthening US dollar, sitting at twelve year highs undermines the pair.
Meanwhile, markets now shift their attention towards German factory orders, key ECB meeting and US employment numbers due later in the day for fresh direction on the currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1082 (Today’s High) levels, above which gains could be extended to 1.1100 levels. On the flip side, support is seen at 1.100 (Sept 2003 Lows) levels, below which it could extend losses to sub 1.10 mark.
EUR/USD slips from 1.1056 levels
The EUR/USD now collapsed -0.41% to the lowest levels since Set 2003 at 1.1030 levels, and is set to test crucial 1.100 psychological levels. EUR/USD remains under pressure as traders remain nervous ahead of ECB meeting as all eyes will be on the release of updated macroeconomic forecasts including GDP growth and CPI. Traders will also scrutinize the bank's details on the framework of the soon-to-be-launched sovereign bond-buying program.
EUR/USD tumbled to fresh twelve lows as weaker euro zone PMIs, while on the flip side, solid US figures, continue to weigh on the main currency pair. Also, a strengthening US dollar, sitting at twelve year highs undermines the pair.
Meanwhile, markets now shift their attention towards German factory orders, key ECB meeting and US employment numbers due later in the day for fresh direction on the currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1082 (Today’s High) levels, above which gains could be extended to 1.1100 levels. On the flip side, support is seen at 1.100 (Sept 2003 Lows) levels, below which it could extend losses to sub 1.10 mark.