FXStreet (Mumbai) – The bids on the EUR appear to have exhausted, as the EUR/USD pair turned lower from the high of 1.1110 to trade around 1.1065.
Rejected at 1.1110
Earlier today, the pair triggered stops above the 100-DMA located at 1.1050 and extended the recovery to a high of 1.1110. However, the sharp rise in the periphery yields accompanied by the drop in the yield on the safe haven German bunds ensured the pair turned lower.
The latest wave of selling hit the EUR after the ECB’s Nowotny expressed a low possibility of Greek making loan repayment to the IMF tomorrow.
Still, the pair has managed to sustain above its 100-DMA at 1.1050. The common currency was supported by a rise in the EUR/CHF pair following SNB’s intervention in the FX markets.
EUR/USD Technical Levels
The immediate support is seen at 1.1050 (100-DMA), under which the pair could extend the drop to 1.10 levels. On the flip side, a break above 1.11 could see the pair rise to 1.1149 (50-DMA).
The bids on the EUR appear to have exhausted, as the EUR/USD pair turned lower from the high of 1.1110 to trade around 1.1065.
(Market News Provided by FXstreet)