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19 May 2015
EUR/USD regains 1.13 and beyond
FXStreet (Mumbai) - The shared currency erased losses from Asia and trades flattish against American dollar in the early European trades, with EUR/USD back above 1.13 barrier. The major managed to fight its way back and turned positive as markets now gear up for EZ final CPI figures while German ZEW will also be closely watched.
EUR/USD rises from 1.1285
The EUR/USD trades dead flat at 1.1317, having posted day’s low at 1.1285 in early Asia. EUR/USD wiped out losses and peeks into the positive territory as the US dollar halted its recent upsurge and trades almost unchanged versus its major competitors.
While the upside remains capped as Greece debt concerns continue to remain in focus while investors awaited upcoming inflation updates and ZEW figures. Moreover, the influential Federal Open Market Committee minutes are due on Wednesday.
The German ZEW economic sentiment figure is lined up for today and markets are expecting to see a drop from 53.3 to 48.8 for May. While the EZ final CPI is expected to remain muted and confirm a flat reading as reflected in the preliminary estimate. While the ZEW figure for Euro zone is expected to decline to 62.4 against a reading of 64.8 last month.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1384 (May 13 High) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1285 (Today’s Low) below which it could extend losses to 1.1236 (May 7 Low) levels.
EUR/USD rises from 1.1285
The EUR/USD trades dead flat at 1.1317, having posted day’s low at 1.1285 in early Asia. EUR/USD wiped out losses and peeks into the positive territory as the US dollar halted its recent upsurge and trades almost unchanged versus its major competitors.
While the upside remains capped as Greece debt concerns continue to remain in focus while investors awaited upcoming inflation updates and ZEW figures. Moreover, the influential Federal Open Market Committee minutes are due on Wednesday.
The German ZEW economic sentiment figure is lined up for today and markets are expecting to see a drop from 53.3 to 48.8 for May. While the EZ final CPI is expected to remain muted and confirm a flat reading as reflected in the preliminary estimate. While the ZEW figure for Euro zone is expected to decline to 62.4 against a reading of 64.8 last month.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1384 (May 13 High) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1285 (Today’s Low) below which it could extend losses to 1.1236 (May 7 Low) levels.