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15 Apr 2015
EUR/USD off lows near 1.0640, ECB policy meeting in focus
FXStreet (Mumbai) - The shared currency extends its downslide versus the greenback in the late-Asian session, knocking off EUR/USD closer to 1.06 barrier, largely as the euro maintains its offered tone ahead of the key European Central Bank (ECB) policy announcement later in the session.
EUR/USD drops on renewed EUR weakness
The EUR/USD trades lower by -0.20% at 1.0635 levels, quickly retracing from session lows posted at 1.0618 levels. EUR/USD fell further into losses largely as the traders resorted to profit booking on their EUR longs after yesterday’s IMF inspired rally.
EUR/USD rallied to three day high in the previous session and swung back above 1.07 handle after disappointing US retail sales release quickly followed by an IMF announcement, in which the monetary fund raised the outlook for the euro zone and lowered the US economic growth outlook at the same time.
In the day ahead, all eyes will be set on ECB policy meeting in which ECB President Draghi is expected to assess the results of the QE program since its launch in March which may have major impact on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0647 (Today’s High) levels, above which gains could be extended to 1.0709 (April 14 High) levels. On the flip side, support is seen at 1.0600 below which it could extend losses to 1.0567 (April 10 Low) levels.
EUR/USD drops on renewed EUR weakness
The EUR/USD trades lower by -0.20% at 1.0635 levels, quickly retracing from session lows posted at 1.0618 levels. EUR/USD fell further into losses largely as the traders resorted to profit booking on their EUR longs after yesterday’s IMF inspired rally.
EUR/USD rallied to three day high in the previous session and swung back above 1.07 handle after disappointing US retail sales release quickly followed by an IMF announcement, in which the monetary fund raised the outlook for the euro zone and lowered the US economic growth outlook at the same time.
In the day ahead, all eyes will be set on ECB policy meeting in which ECB President Draghi is expected to assess the results of the QE program since its launch in March which may have major impact on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0647 (Today’s High) levels, above which gains could be extended to 1.0709 (April 14 High) levels. On the flip side, support is seen at 1.0600 below which it could extend losses to 1.0567 (April 10 Low) levels.