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16 Jul 2015
EUR/USD hits fresh 2-month lows near 1.0910, ECB in focus
FXStreet (Mumbai) - The European currency accelerates losses versus the US dollar in the early European trades, knocking-off EUR/USD to fresh seven-week lows near 1.09 handle. The markets seem to have shrugged of ‘Yes’ vote by the Greece parliamentarians as Yellen-led US dollar strength continues to dominate while awaiting more of Yellen tonight.
EUR/USD drops from 1.0943
The EUR/USD pair trades -0.33%% lower at fresh two-month lows of 1.0912, heading for a breach of 1.09 barrier. The shared currency gets hammered by the US dollar as the USD bulls remains boosted on Wednesday’s hawkish comments from Fed Chair Yellen, reiterating that Fed is on its track to raise rates sometime this year.
Moreover, traders completely ignored Greek Parliamentary Yes vote on the bailout reforms which took place overnight as they await Euro zone's finance ministers’ conference call to discuss the latest development in Greece set to take place later today.
Meanwhile, Euro zone CPI and trade balance may influence the EUR/USD pair ahead of the second round of Fed Yellen’s testimony due later tonight before the Senate Banking Committee in Washington. While ECB meeting will also be eagerly awaited for fresh cues.
Trade ECB meeting with Bednarik, Elam and Pinkert; Greece + Germany + Forex
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0943 (Today’s High) levels, above which gains could be extended to 1.0991 (June 1 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0867 (May 25 Low) levels.
EUR/USD drops from 1.0943
The EUR/USD pair trades -0.33%% lower at fresh two-month lows of 1.0912, heading for a breach of 1.09 barrier. The shared currency gets hammered by the US dollar as the USD bulls remains boosted on Wednesday’s hawkish comments from Fed Chair Yellen, reiterating that Fed is on its track to raise rates sometime this year.
Moreover, traders completely ignored Greek Parliamentary Yes vote on the bailout reforms which took place overnight as they await Euro zone's finance ministers’ conference call to discuss the latest development in Greece set to take place later today.
Meanwhile, Euro zone CPI and trade balance may influence the EUR/USD pair ahead of the second round of Fed Yellen’s testimony due later tonight before the Senate Banking Committee in Washington. While ECB meeting will also be eagerly awaited for fresh cues.
Trade ECB meeting with Bednarik, Elam and Pinkert; Greece + Germany + Forex
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0943 (Today’s High) levels, above which gains could be extended to 1.0991 (June 1 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0867 (May 25 Low) levels.