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13 Mar 2015
EUR/USD back below 1.06
FXStreet (Mumbai) - EUR/USD stalled its rebound to 1.07 barrier and fell back in red in the late-Asian session, hovering close 1.0600 levels as the US dollar regains lost footing against its major counterparts after the recent weakness on poor US retail volumes numbers.
EUR/USD retraces from 1.0628
The EUR/USD now trades at 1.0597 levels, recording a loss of -0.37% on the day, heading closer to fresh twelve year lows. EUR/USD extended losses and fell back below 1.06 handle as a solid recovery in the US dollar across the board to the tune of 0.33%, continues to weigh on the shared currency.
EUR/USD regained strength in the previous session and rebounded sharply from twelve year lows after surprisingly weak US retail sales numbers dragged the greenback lower, scaling back odds of the much-anticipated Federal Reserve (Fed) rate hike.
Meanwhile, traders now await US macro data in light of a quiet euro economic calendar for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0628 (Today’s High) levels, above which gains could be extended to 1.0683 (March 12 High) levels. On the flip side, support is seen at 1.0550 levels, below which it could extend losses to 1.0494 (March 12 Low) levels.
EUR/USD retraces from 1.0628
The EUR/USD now trades at 1.0597 levels, recording a loss of -0.37% on the day, heading closer to fresh twelve year lows. EUR/USD extended losses and fell back below 1.06 handle as a solid recovery in the US dollar across the board to the tune of 0.33%, continues to weigh on the shared currency.
EUR/USD regained strength in the previous session and rebounded sharply from twelve year lows after surprisingly weak US retail sales numbers dragged the greenback lower, scaling back odds of the much-anticipated Federal Reserve (Fed) rate hike.
Meanwhile, traders now await US macro data in light of a quiet euro economic calendar for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0628 (Today’s High) levels, above which gains could be extended to 1.0683 (March 12 High) levels. On the flip side, support is seen at 1.0550 levels, below which it could extend losses to 1.0494 (March 12 Low) levels.