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19 May 2015
EUR/USD subdued near 1.1160
FXStreet (Edinburgh) - The negative tone has not given up on the single currency on Tuesday, with EUR/USD now navigating the mid-1.1100s.
EUR/USD rebounds from 1.1120
After falling as low as the 1.1120 area today, the pair is now attempting to gather traction to the 1.1150/55 band amidst a generalized selling bias around the euro. Comments by ECB’s B.Coeure this morning caught market participants off guard, precipitating a sharp sell off which saw spot retreating from session tops near 1.1330 to lows in the proximity of 1.1120.
Collaborating with the daily downside, the ZEW Survey missed expectations in both the EMU and Germany while consumer prices in the euro area matched preliminary readings.
EUR/USD relevant levels
As of writing the pair is down 1.38% at 1.1159 with the next support at 1.1119 (low May 19) ahead of 1.1106 (38.2% of 1.0521-1.1468) and then 1.1100 (psychological level). On the flip side, a break above of 1.1278 (38.2% of 1.1468-1.1160) would expose 1.1289 (10-d MA) and then 1.1328 (high May 19).
EUR/USD rebounds from 1.1120
After falling as low as the 1.1120 area today, the pair is now attempting to gather traction to the 1.1150/55 band amidst a generalized selling bias around the euro. Comments by ECB’s B.Coeure this morning caught market participants off guard, precipitating a sharp sell off which saw spot retreating from session tops near 1.1330 to lows in the proximity of 1.1120.
Collaborating with the daily downside, the ZEW Survey missed expectations in both the EMU and Germany while consumer prices in the euro area matched preliminary readings.
EUR/USD relevant levels
As of writing the pair is down 1.38% at 1.1159 with the next support at 1.1119 (low May 19) ahead of 1.1106 (38.2% of 1.0521-1.1468) and then 1.1100 (psychological level). On the flip side, a break above of 1.1278 (38.2% of 1.1468-1.1160) would expose 1.1289 (10-d MA) and then 1.1328 (high May 19).