31 Jul 2015
EUR/USD swings back higher to 1.0970
FXStreet (Mumbai) - The European currency extends its gradual recovery from weekly lows against the US dollar in the European morning, with EUR/USD hiking beyond 1.0950 levels, largely as the US dollar extends its corrective slide after rallying on Thursday following upbeat US GDP figures which bolstered the case for Fed rate lift-off this Sept.
EUR/USD rises from 1.0930
The EUR/USD pair jumped 0.24% at 1.0958, quickly retracing from a spike to 1.0968 fresh session highs. The bid tone around EUR/USD increased in the European morning mainly driven by a retreat in US dollar as traders resorted to profit-taking on USD long positions after the greenback climbed to fresh one week highs versus the shared currency on Thursday.
Moreover, broad based US dollar retreat after yesterday’s upsurge also remains euro supportive as traders weigh disappointing consumer confidence data ahead of the key FOMC decision.
Moreover, markets also brushed off German downbeat retail sales data and Greece concerns, while favouring the euro ahead of a set of key Euro zone data releases due later this session. Euro zone CPI and jobs data will be published at 9GMT.
Meanwhile, retail sales growth for Germany surprisingly decelerated in June to 2.3%, much lower than the revised 0.4% advance recorded in the previous month.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0992 (July 30 High) levels, above which gains could be extended to 1.1019 (July 23 High) levels. On the flip side, support is seen at 1.0930 (Today’s Low) below which it could extend losses to 1.0892 (July 30 Low) levels.
EUR/USD rises from 1.0930
The EUR/USD pair jumped 0.24% at 1.0958, quickly retracing from a spike to 1.0968 fresh session highs. The bid tone around EUR/USD increased in the European morning mainly driven by a retreat in US dollar as traders resorted to profit-taking on USD long positions after the greenback climbed to fresh one week highs versus the shared currency on Thursday.
Moreover, broad based US dollar retreat after yesterday’s upsurge also remains euro supportive as traders weigh disappointing consumer confidence data ahead of the key FOMC decision.
Moreover, markets also brushed off German downbeat retail sales data and Greece concerns, while favouring the euro ahead of a set of key Euro zone data releases due later this session. Euro zone CPI and jobs data will be published at 9GMT.
Meanwhile, retail sales growth for Germany surprisingly decelerated in June to 2.3%, much lower than the revised 0.4% advance recorded in the previous month.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0992 (July 30 High) levels, above which gains could be extended to 1.1019 (July 23 High) levels. On the flip side, support is seen at 1.0930 (Today’s Low) below which it could extend losses to 1.0892 (July 30 Low) levels.