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8 Sep 2015
EUR/USD pares gains, recedes to 1.1175 ahead of EZ data
FXStreet (Mumbai) - EUR/USD remained volatile during the European morning, swinging between gains and losses after a sudden wave of risk-off flows on China news sent the major through the roof beyond 1.12 barrier, only to recede gains and now wavers below the last.
EUR/USD rejected at 1.1230
The EUR/USD pair trades modestly flat at 1.1175, receding from fresh session highs at 1.1229. The main currency pair faded a spike to highs and now defends modest gains below 1.1200 levels as markets track sharp gains in the European equities on re-emergence of risk-on which diminishes the bids for the safe-havens such as the euro.
The German benchmark, the DAX, rallies 1.95% to 10,309 while the stock son the UK index, the FTSE advances 1.32% at 6,153 points. While pan-European Euro Stoxx is up nearly 2% at 3,256.
Markets now shift their attention towards the Eurozone GDP figures due to be published shortly while digesting the latest Chinese as well as German trade figures.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1245 (Sept 3 High), above which gains could be extended to 1.1264 (Aug 31 High) levels. On the flip side, support is seen at 1.1154 (Today’s Low) below which it could extend losses to 1.1086 (Sept 3 Low) levels.
EUR/USD rejected at 1.1230
The EUR/USD pair trades modestly flat at 1.1175, receding from fresh session highs at 1.1229. The main currency pair faded a spike to highs and now defends modest gains below 1.1200 levels as markets track sharp gains in the European equities on re-emergence of risk-on which diminishes the bids for the safe-havens such as the euro.
The German benchmark, the DAX, rallies 1.95% to 10,309 while the stock son the UK index, the FTSE advances 1.32% at 6,153 points. While pan-European Euro Stoxx is up nearly 2% at 3,256.
Markets now shift their attention towards the Eurozone GDP figures due to be published shortly while digesting the latest Chinese as well as German trade figures.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1245 (Sept 3 High), above which gains could be extended to 1.1264 (Aug 31 High) levels. On the flip side, support is seen at 1.1154 (Today’s Low) below which it could extend losses to 1.1086 (Sept 3 Low) levels.