28 Apr 2015
EUR/USD pushed back to 1.0870
FXStreet (Mumbai) - The EUR/USD pair ran into fresh offers close to 1.09 levels, taking the pair back to 1.0870 levels despite the rising optimism that Greece would be able to reach a deal after reshuffling its debt negotiations.
Repeated failure around 1.09
The pair has repeatedly failed around 1.09 levels in the last three trading sessions. The EUR was bid higher yesterday after Greece reported reshuffling of debt negotiations, while the markets sold USD across the board in anticipation of a dovish Fed policy statement. However, fresh offers made sure the pair reversed course from the high of 1.0925.
A similar move was witnessed during the European session today, as the air fell back to 1.0870 after having hit a session high of 1.0898. Meanwhile, a slight uptick in the German bond yields could support the EUR.
EUR/USD Technical Levels
The immediate resistance is located at 1.09-1.0925, above which gains could be extended to 1.0970. on the flip side, a break below 1.0857 (5-DMA), could drive the pair lower to 1.0822.
Repeated failure around 1.09
The pair has repeatedly failed around 1.09 levels in the last three trading sessions. The EUR was bid higher yesterday after Greece reported reshuffling of debt negotiations, while the markets sold USD across the board in anticipation of a dovish Fed policy statement. However, fresh offers made sure the pair reversed course from the high of 1.0925.
A similar move was witnessed during the European session today, as the air fell back to 1.0870 after having hit a session high of 1.0898. Meanwhile, a slight uptick in the German bond yields could support the EUR.
EUR/USD Technical Levels
The immediate resistance is located at 1.09-1.0925, above which gains could be extended to 1.0970. on the flip side, a break below 1.0857 (5-DMA), could drive the pair lower to 1.0822.