17 Mar 2015
EUR/USD re-takes 1.06 handle
FXStreet (Mumbai) - The shared currency saw renewed buying pressure on the back of an uptick in the German bond yields, which took the EUR/USD pair above 1.06 levels ahead of the German Zew survey and the Eurozone CPI data.
EUR/USD: Could it extend gains?
The pair managed to recover from the low of 1.0461 seen on Friday mainly due to a disappointing weekly QE purchases figure released by the ECB yesterday. Draghi’s upbeat comments on the Eurozone economy, coupled with a weaker-than-expected US data also helped the pair extend gains. However, caution ahead of the FOMC meeting, made sure the pair fell back to 1.0560 levels in the Asian session today.
It remains to be seen if the pair manages to sustain above 1.06 levels today. An upbeat German Zew survey index followed by a stable inflation number could ensure the pair remains above 1.06 levels. However, the USD could be bought as well, as we move closer to the FOMC meeting.
EUR/USD Technical Levels
The pair currently trades at 1.0605. The immediate resistance is seen at 1.0618, above which gains could be extended to 1.0654 (10-DMA). On the flip side, a break below 1.06 could push the pair back to 1.0550 levels.
EUR/USD: Could it extend gains?
The pair managed to recover from the low of 1.0461 seen on Friday mainly due to a disappointing weekly QE purchases figure released by the ECB yesterday. Draghi’s upbeat comments on the Eurozone economy, coupled with a weaker-than-expected US data also helped the pair extend gains. However, caution ahead of the FOMC meeting, made sure the pair fell back to 1.0560 levels in the Asian session today.
It remains to be seen if the pair manages to sustain above 1.06 levels today. An upbeat German Zew survey index followed by a stable inflation number could ensure the pair remains above 1.06 levels. However, the USD could be bought as well, as we move closer to the FOMC meeting.
EUR/USD Technical Levels
The pair currently trades at 1.0605. The immediate resistance is seen at 1.0618, above which gains could be extended to 1.0654 (10-DMA). On the flip side, a break below 1.06 could push the pair back to 1.0550 levels.