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22 Apr 2015
EUR/USD attempts a bounce to 1.08
FXStreet (Mumbai) - EUR/USD surges to fresh session highs just shy of 1.08 barrier in the European session, extending its recovery, as the offered tone heightened for the greenback amid increased worries surrounding Greece.
EUR/USD rises from 1.0750
The EUR/USD edged 0.43% higher and now trades at 1.0785, easing of fresh session highs at 1.0795. EUR/USD remained firmly bid as the US dollar accelerated losses against its major rivals with the DXY retreating to session lows near 97.76, recording a -0.45% loss on the day.
The EUR/USD pair received additional boost from ECB’s Coeure comments after he told Greek newspaper Kathimerini today that the central bank will continue to fund Greek banks as long as they remain solvent and have sufficient collateral, somewhat easing concerns surrounding Greece.
However, the upside in the major remains capped as weaker German bund yields and Greek concerns continue to pull the euro down, with the pressure rising as Friday’s Euro group meeting approaches.
Meanwhile, traders now turn their focus towards a raft of PMI reading across the Euro area to be reported tomorrow in absence of any major data for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0825 (April 21 High) levels. On the flip side, support is seen at 1.0700 below which it could extend losses to 1.0658 (April 21 Low) levels.
EUR/USD rises from 1.0750
The EUR/USD edged 0.43% higher and now trades at 1.0785, easing of fresh session highs at 1.0795. EUR/USD remained firmly bid as the US dollar accelerated losses against its major rivals with the DXY retreating to session lows near 97.76, recording a -0.45% loss on the day.
The EUR/USD pair received additional boost from ECB’s Coeure comments after he told Greek newspaper Kathimerini today that the central bank will continue to fund Greek banks as long as they remain solvent and have sufficient collateral, somewhat easing concerns surrounding Greece.
However, the upside in the major remains capped as weaker German bund yields and Greek concerns continue to pull the euro down, with the pressure rising as Friday’s Euro group meeting approaches.
Meanwhile, traders now turn their focus towards a raft of PMI reading across the Euro area to be reported tomorrow in absence of any major data for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0825 (April 21 High) levels. On the flip side, support is seen at 1.0700 below which it could extend losses to 1.0658 (April 21 Low) levels.