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23 Jan 2015
Euro falls over 1%, likely to attack 1.1200
FXStreet (Mumbai) - The Euro continues its freefall against the US dollar as the ECB QE fireworks continue to weigh on the markets.
The EUR/USD continues to falls fresh multi-year lows at 1.1220 levels and is on its way to test the USD 1.12 level. The downtrend in the EUR/USD pair is expected to continue as traders now reassess the European Central Bank's (ECB) announcement that it would add €60 billion to its balance sheet each month until September 2016.
Moreover, traders now shift their attention towards the upcoming Greek election on Sunday which is likely to keep the Euro’s downtrend intact.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1374 (Today’s High) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1220 levels, below which it could extend losses to 1.1200 (2013 levels).
The EUR/USD continues to falls fresh multi-year lows at 1.1220 levels and is on its way to test the USD 1.12 level. The downtrend in the EUR/USD pair is expected to continue as traders now reassess the European Central Bank's (ECB) announcement that it would add €60 billion to its balance sheet each month until September 2016.
Moreover, traders now shift their attention towards the upcoming Greek election on Sunday which is likely to keep the Euro’s downtrend intact.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1374 (Today’s High) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1220 levels, below which it could extend losses to 1.1200 (2013 levels).