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11 May 2015
EUR/USD recovers to 1.1170
FXStreet (Mumbai) - The EUR witnessed a fresh wave of buying the early European session, thereby helping the EUR/USD pair to recover from the low of 1.1131 to 1.1178 levels.
EUR/USD: China rate cut ignored, Eurogroup meeting under scanner
The single currency failed to strengthen after the Chinese central bank cut rates for the third time in six months over the weekend. China cut lending rates by 25 basis points – from 5.35% to 5.1%. However, the move failed to trigger risk-on rally in the currency markets. The EUR too failed to respond positively to the Chinese rate cut.
Meanwhile, the Eurogroup meeting could result in volatility in EUR pairs. The markets do not see a deal being reached between Greece and its international creditors. However, comments from top officials could trigger some moves.
EUR/USD Technical Levels
The immediate support is seen at 1.1131, under which losses could be extended to 1.1064 (100-DMA). On the flip side, a break above 1.12 could drive the pair higher to 1.1260-1.1270.
EUR/USD: China rate cut ignored, Eurogroup meeting under scanner
The single currency failed to strengthen after the Chinese central bank cut rates for the third time in six months over the weekend. China cut lending rates by 25 basis points – from 5.35% to 5.1%. However, the move failed to trigger risk-on rally in the currency markets. The EUR too failed to respond positively to the Chinese rate cut.
Meanwhile, the Eurogroup meeting could result in volatility in EUR pairs. The markets do not see a deal being reached between Greece and its international creditors. However, comments from top officials could trigger some moves.
EUR/USD Technical Levels
The immediate support is seen at 1.1131, under which losses could be extended to 1.1064 (100-DMA). On the flip side, a break above 1.12 could drive the pair higher to 1.1260-1.1270.