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22 May 2015
EUR/USD pares gains, trades at 1.1150
FXStreet (Mumbai) - The EUR/USD pair ran into offers at the session high of 1.1168, thereby pushing the pair lower to 1.1150 levels ahead of the German IFO readings for May.
EUR/USD: Rejected at 5-DMA
The pair could not sustain above its 5-DMA located at 1.1165, even though the German economy expanded at a faster-than-expected rate year-on-year in the first quarter. In the previous session too, the pair had turned lower from the high of 1.1180 levels. Moreover, the German 10-year yield has weakened 2.1 basis points to trade at 0.613%, which could be capping gains the pair.
Ahead in the day, the German IFO readings and the US monthly CPI figures could influence the pair.
EUR/USD Technical Levels
The immediate resistance is seen around 1.1170-1.1180, above which gains could be extended to 1.1223. On the flip side, a break below 1.1103 could drive the pair lower to 1.1050-1.1046 (100-DMA).
EUR/USD: Rejected at 5-DMA
The pair could not sustain above its 5-DMA located at 1.1165, even though the German economy expanded at a faster-than-expected rate year-on-year in the first quarter. In the previous session too, the pair had turned lower from the high of 1.1180 levels. Moreover, the German 10-year yield has weakened 2.1 basis points to trade at 0.613%, which could be capping gains the pair.
Ahead in the day, the German IFO readings and the US monthly CPI figures could influence the pair.
EUR/USD Technical Levels
The immediate resistance is seen around 1.1170-1.1180, above which gains could be extended to 1.1223. On the flip side, a break below 1.1103 could drive the pair lower to 1.1050-1.1046 (100-DMA).