10 Mar 2015
EUR/USD remains near fresh 12-year lows below 1.08
FXStreet (Mumbai) - EUR/USD keeps losses and hovers near fresh twelve year lows in the early European morning, as a resilient greenback across the board and ECB’s QE launch has sent the euro tumbling to multi-year lows.
EUR/USD capped by 5-DMA placed at 1.0802 levels
The EUR/USD now trades at 1.0790 levels, recording a -0.57% loss on the day, close to fresh twelve year lows at 1.0785. EUR/USD fell below 1.08 barrier as the US dollar swung higher on renewed expectations of an earlier rate-hike after hawkish comments from Fed officials yesterday.
Federal Reserve members Loretta Mester and Richard Fisher reiterated on Monday that they are comfortable with a June hike, boosting the upside in the greenback.
Moreover, traders are giving up the shared currency and prefer the reserve currency on divergent monetary policy outlooks between the US and the old continent. The extensive scope of sovereign QE in the euro area which began yesterday is shifting investors from the euro.
Meanwhile, EUR/USD is expected to extend its downtrend on daily charts, as a huge sell-off still persists and support is somewhere seen around 1.0750 (Sept 2003 Low) levels.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0837 (Today’s High) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0785 (Today’s Low) levels, below which it could extend losses to 1.0750 (Sept 2003) levels.
EUR/USD capped by 5-DMA placed at 1.0802 levels
The EUR/USD now trades at 1.0790 levels, recording a -0.57% loss on the day, close to fresh twelve year lows at 1.0785. EUR/USD fell below 1.08 barrier as the US dollar swung higher on renewed expectations of an earlier rate-hike after hawkish comments from Fed officials yesterday.
Federal Reserve members Loretta Mester and Richard Fisher reiterated on Monday that they are comfortable with a June hike, boosting the upside in the greenback.
Moreover, traders are giving up the shared currency and prefer the reserve currency on divergent monetary policy outlooks between the US and the old continent. The extensive scope of sovereign QE in the euro area which began yesterday is shifting investors from the euro.
Meanwhile, EUR/USD is expected to extend its downtrend on daily charts, as a huge sell-off still persists and support is somewhere seen around 1.0750 (Sept 2003 Low) levels.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0837 (Today’s High) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0785 (Today’s Low) levels, below which it could extend losses to 1.0750 (Sept 2003) levels.