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2 Sep 2015
EUR/USD re-attempts 1.1300, European stocks turn negative
FXStreet (Mumbai) - The EUR/USD pair appears to be closely tracking the moves in the European indices on Wednesday, although keeping the offered tone intact amid prevailing risk-on market profile.
EUR/USD recovers from 1.1250 region
The EUR/USD pair trades -0.19% lower at 1.1294,
recovering from fresh session lows reached at 1.1242 levels. The major pared losses as the risk-sentiment eased a bit after the stocks on the European indices halted its brief recovery and fell back in the red, lifting the demand for the traditional safe-haven in the euro.
Most European indices turned lower led by the UK’s benchmark, the FTSE, after the construction sector report from Britain disappointed markets.
Meanwhile, the greenback remains supported amid a better risk environment, thereby capping further recovery in EUR/USD.
Markets now shift their attention towards the US ADP figures and the factory orders amid a data-light EUR calendar ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1320 (Today’s High), above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1242 (Today’s Low) below which it could extend losses to 1.1204 (Sept 1 Low) levels.
EUR/USD recovers from 1.1250 region
The EUR/USD pair trades -0.19% lower at 1.1294,
recovering from fresh session lows reached at 1.1242 levels. The major pared losses as the risk-sentiment eased a bit after the stocks on the European indices halted its brief recovery and fell back in the red, lifting the demand for the traditional safe-haven in the euro.
Most European indices turned lower led by the UK’s benchmark, the FTSE, after the construction sector report from Britain disappointed markets.
Meanwhile, the greenback remains supported amid a better risk environment, thereby capping further recovery in EUR/USD.
Markets now shift their attention towards the US ADP figures and the factory orders amid a data-light EUR calendar ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1320 (Today’s High), above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1242 (Today’s Low) below which it could extend losses to 1.1204 (Sept 1 Low) levels.