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17 Jul 2015
EUR/USD consolidates below 1.0900
FXStreet (Mumbai) - The European currency poses a minor recovery against the US dollar in the early European trades, lifting EUR/USD closer towards 1.09 handle. The US dollar retreat against its major competitors after reaching a new six-week high on Thursday aided the recovery in the main currency pair.
EUR/USD rises from 1.0876
The EUR/USD pair trades modestly flat at 1.0884, attempting a bounce to 1.09 barrier. The shared currency was better bid versus the US dollar heading into the European opening bells as the USD bulls took a back seat, correcting heavy gains seen yesterday.
Moreover, the recovery seen in the EUR/USD pair is expected to be short-lived as the USD bulls may jump back into bids ahead of US macro data releases as the EUR calendar remains data-dry today.
Markets now shift their focus towards US CPI, building permits and consumer sentiment data to be reported in the NA session for further momentum on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0963 (July 16 High) levels, above which gains could be extended to 1.0991 (June 1 High) levels. On the flip side, support is seen at 1.0854 (July 16 Low) below which it could extend losses to 1.0818 (May 27 Low) levels.
EUR/USD rises from 1.0876
The EUR/USD pair trades modestly flat at 1.0884, attempting a bounce to 1.09 barrier. The shared currency was better bid versus the US dollar heading into the European opening bells as the USD bulls took a back seat, correcting heavy gains seen yesterday.
Moreover, the recovery seen in the EUR/USD pair is expected to be short-lived as the USD bulls may jump back into bids ahead of US macro data releases as the EUR calendar remains data-dry today.
Markets now shift their focus towards US CPI, building permits and consumer sentiment data to be reported in the NA session for further momentum on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0963 (July 16 High) levels, above which gains could be extended to 1.0991 (June 1 High) levels. On the flip side, support is seen at 1.0854 (July 16 Low) below which it could extend losses to 1.0818 (May 27 Low) levels.