Back
27 Aug 2015
EUR/USD: Bears in total control, drops further to 1.1280
FXStreet (Mumbai) - The EUR bears seem to have taken charge completely below 1.13 barrier and keep pushing EUR/USD lower in the European afternoon, as stabilizing global equities further reinforced risk sentiment, thus reducing the demand for the European currency as a safe-haven.
EUR/USD languishes around daily lows
The EUR/USD pair trades -0.28% lower at 1.1283, hovering close to fresh session lows reached at 1.1277. The major trades with sizeable losses, having faced rejection near Monday’s at 1.1360 levels, as the USD bulls have jumped back into the bids in anticipation of an upward revision to the Q3 GDP estimates due later today.
Moreover, ongoing risk sentiment further bolstered by rallying equities in the US, Asia and now Europe have boosted risk sentiment across the board, thereby hitting the safe-haven - euro.
Looking ahead, the main currency pair is likely to track USD moves as the New York session holds the much awaited US Q2 GDP figures while the Jackson Hole Symposium will also remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1361 (Aug 24 Low), above which gains could be extended to 1.1394 (Aug 21 High) levels. On the flip side, support is seen at 1.1277 (Today’s Low) below which it could extend losses to 1.1226 (Aug 21 Low) levels.
EUR/USD languishes around daily lows
The EUR/USD pair trades -0.28% lower at 1.1283, hovering close to fresh session lows reached at 1.1277. The major trades with sizeable losses, having faced rejection near Monday’s at 1.1360 levels, as the USD bulls have jumped back into the bids in anticipation of an upward revision to the Q3 GDP estimates due later today.
Moreover, ongoing risk sentiment further bolstered by rallying equities in the US, Asia and now Europe have boosted risk sentiment across the board, thereby hitting the safe-haven - euro.
Looking ahead, the main currency pair is likely to track USD moves as the New York session holds the much awaited US Q2 GDP figures while the Jackson Hole Symposium will also remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1361 (Aug 24 Low), above which gains could be extended to 1.1394 (Aug 21 High) levels. On the flip side, support is seen at 1.1277 (Today’s Low) below which it could extend losses to 1.1226 (Aug 21 Low) levels.