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20 May 2015
EUR/USD back above 1.1100
FXStreet (Mumbai) - The shared currency halted its declines and recovered from session lows against American dollar in the European morning, with EUR/USD regaining 1.11 handle. However, the major remains pressured largely on the back of a broadly stronger greenback, which added to previous gains on the back of upbeat US data. Markets are now focussing on FOMC minutes amid a data-dry EUR calendar.
EUR/USD drifts away from fresh 3-week lows
The EUR/USD pair trades -0.51% lower at 1.1095, swinging around 1.11 barrier. EUR/USD remains deep in red, although recovered from fresh three week lows, as traders took to profit-taking on their EUR shorts after the pair broke below 1.1080 crucial support and extended declines.
The pair managed to recover some losses as the US dollar took a breather in its upsurge and trimmed partial gains against its major rivals. The greenback resumed its upside bias for the third straight session today after April's update of housing starts in the US showed a huge improvement after two mediocre readings on Tuesday.
Meanwhile, traders remain cautious ahead of Fed minutes amid an almost data-empty EUR calendar. The minutes from the April meeting will provide more details on officials' views about the deterioration in the data and how it impacted their rate hike plans.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1223 (May 5 High) levels. On the flip side, support is seen at 1.1063 (Today’s Low) below which it could extend losses to 1.1100 levels.
EUR/USD drifts away from fresh 3-week lows
The EUR/USD pair trades -0.51% lower at 1.1095, swinging around 1.11 barrier. EUR/USD remains deep in red, although recovered from fresh three week lows, as traders took to profit-taking on their EUR shorts after the pair broke below 1.1080 crucial support and extended declines.
The pair managed to recover some losses as the US dollar took a breather in its upsurge and trimmed partial gains against its major rivals. The greenback resumed its upside bias for the third straight session today after April's update of housing starts in the US showed a huge improvement after two mediocre readings on Tuesday.
Meanwhile, traders remain cautious ahead of Fed minutes amid an almost data-empty EUR calendar. The minutes from the April meeting will provide more details on officials' views about the deterioration in the data and how it impacted their rate hike plans.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1223 (May 5 High) levels. On the flip side, support is seen at 1.1063 (Today’s Low) below which it could extend losses to 1.1100 levels.