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3 Jun 2015
EUR/USD bounces-off 1.1100, ECB awaited
FXStreet (Mumbai) - The shared currency stalled its downslide and recovered from session lows versus American dollar in the mid-European trades, driving EUR/USD slightly away from 1.11 barrier. The major recovered partial losses as the greenback took a breather in its recovery path versus its major counterparts ahead of ECB’s monetary policy meeting to be followed by Draghi’s press conference.
EUR/USD pressured ahead of ECB
The EUR/USD pair trades -0.32% lower at 1.1117, retreating from 1.1104 session lows. The EUR/USD bounced-off lows and reversed partial slide mainly as the shared currency managed to regain lost momentum somewhat after the US dollar halted its upward moves.
However, the major remains pressured with the latest streak of upbeat Euro zone data doing little to lift the euro as traders now await ECB meeting for further incentives.
Meanwhile, the ECB will hold its monetary policy meeting later today with closely watching President Draghi’s latest thoughts on the effectiveness of the Bank’s QE programme and the ECB’s role in a possible deal for Greece.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1226 (May 4 High) levels. On the flip side, support is seen at 1.1104 (Today’s Low) below which it could extend losses to 1.1070 (April 30 Low) levels.
EUR/USD pressured ahead of ECB
The EUR/USD pair trades -0.32% lower at 1.1117, retreating from 1.1104 session lows. The EUR/USD bounced-off lows and reversed partial slide mainly as the shared currency managed to regain lost momentum somewhat after the US dollar halted its upward moves.
However, the major remains pressured with the latest streak of upbeat Euro zone data doing little to lift the euro as traders now await ECB meeting for further incentives.
Meanwhile, the ECB will hold its monetary policy meeting later today with closely watching President Draghi’s latest thoughts on the effectiveness of the Bank’s QE programme and the ECB’s role in a possible deal for Greece.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.1226 (May 4 High) levels. On the flip side, support is seen at 1.1104 (Today’s Low) below which it could extend losses to 1.1070 (April 30 Low) levels.