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12 Mar 2015
EUR/USD testing fresh 12-year lows just ahead of 1.05
FXStreet (Mumbai) - EUR/USD freefall extended in the Asian trading, with the euro plummeting to fresh twelve year lows, inching closer to parity as the US dollar continues to ride higher across the board sitting at fresh multi-year peak.
EUR/USD at lowest levels since Feb 2003
The EUR/USD now trades at 1.0514 levels, recording a loss of -0.31% on the day, recovering swiftly from fresh twelve year low of 1.0505 posted some minutes ago. EUR/USD continues its downward spiral as broadly stronger greenback weighs on the euro. Diverging monetary policy outlooks between the US and the Europe keeps the reserve currency boosted against the euro.
The shared currency came under further pressure after the Federal Reserve rejected the stress tests of the US units of Deutsche Bank and Spanish bank Santander, citing widespread deficiencies with their capital plans. Moreover, ongoing tensions between Greece and the Euro group also dragged the major lower.
Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0553 (Today’s High) levels, above which gains could be extended to 1.0600 levels. On the flip side, support is seen at 1.0500 levels, below which it could extend losses to 1.0450 (Feb 2003) levels.
EUR/USD at lowest levels since Feb 2003
The EUR/USD now trades at 1.0514 levels, recording a loss of -0.31% on the day, recovering swiftly from fresh twelve year low of 1.0505 posted some minutes ago. EUR/USD continues its downward spiral as broadly stronger greenback weighs on the euro. Diverging monetary policy outlooks between the US and the Europe keeps the reserve currency boosted against the euro.
The shared currency came under further pressure after the Federal Reserve rejected the stress tests of the US units of Deutsche Bank and Spanish bank Santander, citing widespread deficiencies with their capital plans. Moreover, ongoing tensions between Greece and the Euro group also dragged the major lower.
Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0553 (Today’s High) levels, above which gains could be extended to 1.0600 levels. On the flip side, support is seen at 1.0500 levels, below which it could extend losses to 1.0450 (Feb 2003) levels.