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25 May 2015
EUR/USD stalls recovery, back below 1.10
FXStreet (Mumbai) - The shared currency paused it recovery from monthly lows and swung back lower below 1.10 in the European morning, with EUR/USD heading towards lows. The major accelerated losses manly on the back of renewed buying seen in the greenback versus its major competitors during a holiday-softened European session.
EUR/USD inches towards 1.0966
The EUR/USD pair trades -0.30% at 1.0980, easing-off session highs at 1.1008. EUR/USD remains heavy after strengthening US dollar keeps the gains muted while aggravating the downside. Also, the concerns over the Greece debt repayments continue to weigh on the euro.
A strong recovery in the US dollar following an upside surprise in US core inflation on Friday dented the EUR/USD pair, knocking it off below 1.10 barrier for the first time since the end of April. While, the announcement from Greek policymakers on Sunday, that the country will not be able to make a payment to the International Monetary Fund (IMF) on June 5, also kept the prices supressed.
Meanwhile, the main currency pair is expected to remain pressured amid holiday-quiet trades, while US dollar will remain the major driver across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1010 (May 24 High) levels, above which gains could be extended to 1.1038 (April 6 High) levels. On the flip side, support is seen at 1.0958 (April 29 Low) below which it could extend losses to 1.0900 levels.
EUR/USD inches towards 1.0966
The EUR/USD pair trades -0.30% at 1.0980, easing-off session highs at 1.1008. EUR/USD remains heavy after strengthening US dollar keeps the gains muted while aggravating the downside. Also, the concerns over the Greece debt repayments continue to weigh on the euro.
A strong recovery in the US dollar following an upside surprise in US core inflation on Friday dented the EUR/USD pair, knocking it off below 1.10 barrier for the first time since the end of April. While, the announcement from Greek policymakers on Sunday, that the country will not be able to make a payment to the International Monetary Fund (IMF) on June 5, also kept the prices supressed.
Meanwhile, the main currency pair is expected to remain pressured amid holiday-quiet trades, while US dollar will remain the major driver across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1010 (May 24 High) levels, above which gains could be extended to 1.1038 (April 6 High) levels. On the flip side, support is seen at 1.0958 (April 29 Low) below which it could extend losses to 1.0900 levels.