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16 Sep 2015
EUR/USD languishes near lows, 1.1200 in sight
FXStreet (Mumbai) - EUR/USD pair failed at 1.13 barrier in the European session and accelerated losses thereon, as the subdued Euro zone CPI and the broad based US dollar rebounded weighed on the major.
EUR/USD back near 1.1200 levels
The EUR/USD pair trades -0.32% lower at 1.1233, testing fresh session lows struck at 1.1227 shortly after EZ CPI data. The main currency pair snapped its recovery and extends its downslide for the third straight session as the common currency was sold into the sluggish Eurozone price pressures print.
The latest CPI figures from the euro zone for August posted a sharp rise from -0.6% to 0.0% month-on-month, while the yearly change decreased from 0.2% to 0.1%. The same applied for the core gauge on a yearly basis, which also shed 0.1% to 0.9%.
Moreover, a major turnaround in risk conditions during the European session, with the appetite for riskier assets improving, favoured the US currency at the expense of the euro.
Meanwhile, the main focus today remains on US CPI figures for August, which are expected to have risen a mere 0.2% over the year.
However, markets are likely to remain cautious as the Fed meeting commences later today, with final verdict on the rates due to be announced tomorrow.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1299 (Today’s High), above which gains could be extended to 1.1328 (Sept 15 High) levels. On the flip side, support is seen at 1.1204 (Sept 1 Low) below which it could extend losses to 1.1170 (Sept 10 Low) levels.
EUR/USD back near 1.1200 levels
The EUR/USD pair trades -0.32% lower at 1.1233, testing fresh session lows struck at 1.1227 shortly after EZ CPI data. The main currency pair snapped its recovery and extends its downslide for the third straight session as the common currency was sold into the sluggish Eurozone price pressures print.
The latest CPI figures from the euro zone for August posted a sharp rise from -0.6% to 0.0% month-on-month, while the yearly change decreased from 0.2% to 0.1%. The same applied for the core gauge on a yearly basis, which also shed 0.1% to 0.9%.
Moreover, a major turnaround in risk conditions during the European session, with the appetite for riskier assets improving, favoured the US currency at the expense of the euro.
Meanwhile, the main focus today remains on US CPI figures for August, which are expected to have risen a mere 0.2% over the year.
However, markets are likely to remain cautious as the Fed meeting commences later today, with final verdict on the rates due to be announced tomorrow.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1299 (Today’s High), above which gains could be extended to 1.1328 (Sept 15 High) levels. On the flip side, support is seen at 1.1204 (Sept 1 Low) below which it could extend losses to 1.1170 (Sept 10 Low) levels.