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24 Feb 2015
EUR/USD testing lows ahead of 1.1300, EMU CPI awaited
FXStreet (Mumbai) - EUR/USD remained in red in the mid-European session, although holding above 1.13 threshold as markets closely watch developments from the Greece front ahead of Euro zone CPI due data later in the session.
EUR/USD struggles above 1.1300
The EUR/USD now trades lower by -0.13% at 1.1320 levels, having posted fresh session lows at 1.1312 levels some minutes ago. EUR/USD held mild gains after the European Commission confirmed that the list of Greek reform proposals had been received on time and further stated that the list is “sufficiently comprehensive”. Traders now await the reforms approval by Euro group confirming a four-month loan extension agreement reached on Friday.
Meanwhile, EUR/USD is expected to remain pressured closely following events surrounding ahead of Euro zone CPI data due for release later in the session. Also, ECB Chief Draghi’s comments at the official unveiling of the 20 euro banknote in Frankfurt will closely watched for any hints on the monetary policy stance.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1357 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 levels.
EUR/USD struggles above 1.1300
The EUR/USD now trades lower by -0.13% at 1.1320 levels, having posted fresh session lows at 1.1312 levels some minutes ago. EUR/USD held mild gains after the European Commission confirmed that the list of Greek reform proposals had been received on time and further stated that the list is “sufficiently comprehensive”. Traders now await the reforms approval by Euro group confirming a four-month loan extension agreement reached on Friday.
Meanwhile, EUR/USD is expected to remain pressured closely following events surrounding ahead of Euro zone CPI data due for release later in the session. Also, ECB Chief Draghi’s comments at the official unveiling of the 20 euro banknote in Frankfurt will closely watched for any hints on the monetary policy stance.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1357 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 levels.