8 May 2015
EUR/USD supported at 1.1200
FXStreet (Mumbai) - EUR/USD remains in red on the 1.12 handle in the late-Asian trading, bouncing-off a brief dip below 1.12 mark, as the shared currency remains pressured mainly on the back of a plummeting EUR/GBP cross dragged down by Tories victory led gains in the pound.
EUR/USD back above 1.12
The EUR/USD trades -0.37% lower at 1.1224, recovering losses from 1.1198 session lows. EUR/USD came under renewed selling pressure after the EUR/GBP cross was relentlessly sold-off as GBP bulls continue to cheer Conservatives Party win as forecasted in the preliminary exit polls.
Moreover, broad based US dollar strength following above estimates US jobless claims data released yesterday also kept the EUR/USD pair undermined.
Further, lower German bond yields also weighed on the shared currency, driving EUR/USD near 1.12 handle.
Later in the day, investors will focus on German industrial production data, while US NFP figures are likely to remain major market driver. UK elections final outcome will also be closely watched for further impact on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1257 (Today’s High) levels, above which gains could be extended to 1.1300 levels. On the flip side, support is seen at 1.1198 (Today’s Low) below which it could extend losses to 1.1174 (May 6 Low) levels.
EUR/USD back above 1.12
The EUR/USD trades -0.37% lower at 1.1224, recovering losses from 1.1198 session lows. EUR/USD came under renewed selling pressure after the EUR/GBP cross was relentlessly sold-off as GBP bulls continue to cheer Conservatives Party win as forecasted in the preliminary exit polls.
Moreover, broad based US dollar strength following above estimates US jobless claims data released yesterday also kept the EUR/USD pair undermined.
Further, lower German bond yields also weighed on the shared currency, driving EUR/USD near 1.12 handle.
Later in the day, investors will focus on German industrial production data, while US NFP figures are likely to remain major market driver. UK elections final outcome will also be closely watched for further impact on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1257 (Today’s High) levels, above which gains could be extended to 1.1300 levels. On the flip side, support is seen at 1.1198 (Today’s Low) below which it could extend losses to 1.1174 (May 6 Low) levels.