18 Aug 2015
EUR/USD wipes-out gains, reverts to 1.1070
FXStreet (Mumbai) - After facing rejection just shy of 1.11 barrier, EUR/USD retraced to familiar range and trades muted around 1.1070 levels mainly driven weakness seen in EUR/GBP following the release of UK CPI print.
EUR/USD deflates from 1.1094 levels
The EUR/USD pair trades -0.07% lower at 1.1070, fading a spike to 1.1094 session highs. The recovery in the EUR/USD pair remained short-lived as the major slipped back into the negative territory largely dragged by steep losses witnessed in EUR/GBP after above expectations UK CPI figures boosted the pound across the board.
Also, markets remain nervous ahead of a looming big debt repayment to the ECB on Thursday. Greece is waiting for the last step in its current bailout saga: approval of eleven euro zone parliaments before Athens could receive the first tranche from the third rescue package.
Meanwhile, the pair is likely to remain influenced by USD moves with traders now shifting focus towards US housing starts and building permits data due for release in the New York session ahead of crucial US CPI and Fed minutes due tomorrow.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1123 (Aug 16 High) levels, above which gains could be extended to 1.1198 (July 13 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.0967 (July 27 Low).
EUR/USD deflates from 1.1094 levels
The EUR/USD pair trades -0.07% lower at 1.1070, fading a spike to 1.1094 session highs. The recovery in the EUR/USD pair remained short-lived as the major slipped back into the negative territory largely dragged by steep losses witnessed in EUR/GBP after above expectations UK CPI figures boosted the pound across the board.
Also, markets remain nervous ahead of a looming big debt repayment to the ECB on Thursday. Greece is waiting for the last step in its current bailout saga: approval of eleven euro zone parliaments before Athens could receive the first tranche from the third rescue package.
Meanwhile, the pair is likely to remain influenced by USD moves with traders now shifting focus towards US housing starts and building permits data due for release in the New York session ahead of crucial US CPI and Fed minutes due tomorrow.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1123 (Aug 16 High) levels, above which gains could be extended to 1.1198 (July 13 High) levels. On the flip side, support is seen at 1.1023 (Aug 12 Low) below which it could extend losses to 1.0967 (July 27 Low).