Back
21 Aug 2015
EUR/USD: Bulls victorious amid risk-off, nears 1.1300
FXStreet (Mumbai) - The bid tone surrounding the EUR/USD grew bigger in the mid-Asian trades, as the generalized risk-off market sentiment heightened after the blood bath extends in the Asian equities with the European currency enjoying the safe-haven status along with the yen, gold etc.
EUR/USD extends towards 1.1300
The EUR/USD pair trades 0.39% higher at 1.1284, retreating from fresh eight week highs reached at 1.1290 levels. The main currency pair was strongly bid in Asia as the greenback remains undermined as markets continue to reassess the recent dovish FOMC minutes.
Moreover, the EUR/USD pair remains in demand as the safe-haven appeal in the euro re-emerges amid ongoing global turmoil - currency wars, China stocks rout, political tensions in the Korean Peninsula and Greece.
On the data space, not much has been going on this week; the first important data will be released on Friday when flash PMIs from the euro zone and from individual euro zone countries are scheduled.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1348 (June 23 High) levels. On the flip side, support is seen at 1.1230 (Today’s Low) below which it could extend losses to 1.1182 (June 11 Low).
EUR/USD extends towards 1.1300
The EUR/USD pair trades 0.39% higher at 1.1284, retreating from fresh eight week highs reached at 1.1290 levels. The main currency pair was strongly bid in Asia as the greenback remains undermined as markets continue to reassess the recent dovish FOMC minutes.
Moreover, the EUR/USD pair remains in demand as the safe-haven appeal in the euro re-emerges amid ongoing global turmoil - currency wars, China stocks rout, political tensions in the Korean Peninsula and Greece.
On the data space, not much has been going on this week; the first important data will be released on Friday when flash PMIs from the euro zone and from individual euro zone countries are scheduled.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1348 (June 23 High) levels. On the flip side, support is seen at 1.1230 (Today’s Low) below which it could extend losses to 1.1182 (June 11 Low).