12 May 2015
EUR/USD off highs near 1.1175
FXStreet (Mumbai) - EUR/USD snapped its three days of declines and edged higher towards 1.12 handle in the early European trades, as the shared currency regained lost ground versus its American counterpart as Greece concerns eased slightly after the country confirmed a payment of €750 million to the IMF. While a broadly softer US dollar also adds to the upside in the major.
EUR/USD strives for 1.12
The EUR/USD trades 0.17% higher at 1.1175, easing off 1.1190 fresh session highs. EUR/USD reversed previous losses and bounced-back higher this session largely on re-emergence of generalized risk-on trades after Greece confirmed a payment of €750 million to the International Monetary Fund on Monday.
Moreover, broad based US dollar weakness following below estimates US labour market conditions index released yesterday also kept the EUR/USD pair supported. Further, higher German bond yields also boosted the shared currency across the board.
However, the upside in the pair looks limited as uncertainty remains as the negotiations between Greece and its creditors have not yet reached a conclusion.
Meanwhile, traders now focus on tomorrow’s German prelim GDP, CPI figures and EMU GDP data for further impact on the main currency pair amid a data-dry EUR calendar today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1268 (April 30 High) levels. On the flip side, support is seen at 1.1135 (Today’s Low) below which it could extend losses to 1.1070 (April 30 Low) levels.
EUR/USD strives for 1.12
The EUR/USD trades 0.17% higher at 1.1175, easing off 1.1190 fresh session highs. EUR/USD reversed previous losses and bounced-back higher this session largely on re-emergence of generalized risk-on trades after Greece confirmed a payment of €750 million to the International Monetary Fund on Monday.
Moreover, broad based US dollar weakness following below estimates US labour market conditions index released yesterday also kept the EUR/USD pair supported. Further, higher German bond yields also boosted the shared currency across the board.
However, the upside in the pair looks limited as uncertainty remains as the negotiations between Greece and its creditors have not yet reached a conclusion.
Meanwhile, traders now focus on tomorrow’s German prelim GDP, CPI figures and EMU GDP data for further impact on the main currency pair amid a data-dry EUR calendar today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1268 (April 30 High) levels. On the flip side, support is seen at 1.1135 (Today’s Low) below which it could extend losses to 1.1070 (April 30 Low) levels.