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15 Apr 2015
EUR/USD falls to fresh session lows
FXStreet (Mumbai) - The EUR is being offered in the early European session, taking the EUR/USD pair to a session low of 1.0616 after the German economic ministry expressed concerns regarding the first quarter economic growth.
Drops to 5-DMA
The pair tested the 5-DMA located at 1.0605, after the German economic ministry, in its latest report, said economic growth could have slowed slightly in the first quarter of this year. The warning shot has been fired a day after the IMF revised US growth forecasts lower. China also reported a weaker-than-expected quarter-on-quarter Q1 GDP numbers today. The year-on-year GDP was weakest in six years at 7%.
So far, the losses have been capped at the 5-DMA, however, it remains to be seen how the pair reacts to the Eurozone trade balance figures and ECB monetary policy statement.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0641, above which gains could be extended to 1.07 levels. On the flip side, a break below 1.06 could see the pair drop to 1.055.
Drops to 5-DMA
The pair tested the 5-DMA located at 1.0605, after the German economic ministry, in its latest report, said economic growth could have slowed slightly in the first quarter of this year. The warning shot has been fired a day after the IMF revised US growth forecasts lower. China also reported a weaker-than-expected quarter-on-quarter Q1 GDP numbers today. The year-on-year GDP was weakest in six years at 7%.
So far, the losses have been capped at the 5-DMA, however, it remains to be seen how the pair reacts to the Eurozone trade balance figures and ECB monetary policy statement.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0641, above which gains could be extended to 1.07 levels. On the flip side, a break below 1.06 could see the pair drop to 1.055.