19 Dec 2014
EUR/USD steadies, German data in focus
FXStreet (Mumbai) - The Euro crawled higher against the US dollar during the European morning, recovering from two consecutive days of sharp declines.
The EUR/USD pair traded at 1.2295 levels, marginally higher by 0.07% on the day, after falling to more-than one week low levels yesterday. The Euro continued to slide in the previous session even as improved business conditions in Germany failed to buoy the single currency. The Euro also extended losses after the greenback appreciated against major currencies, reaching close to 5 year high levels.
However, the Euro remains supported today ahead of Gfk German Consumer climate data to be released shortly.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2342 (50-day SMA) levels, above which gains could be extended to 1.2406 (100-day SMA) levels. On the flip side, support is seen at 1.2264 (Dec 18 Low) levels, below which it could extend losses to 1.2245 (Dec 8 Low) levels.
The EUR/USD pair traded at 1.2295 levels, marginally higher by 0.07% on the day, after falling to more-than one week low levels yesterday. The Euro continued to slide in the previous session even as improved business conditions in Germany failed to buoy the single currency. The Euro also extended losses after the greenback appreciated against major currencies, reaching close to 5 year high levels.
However, the Euro remains supported today ahead of Gfk German Consumer climate data to be released shortly.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2342 (50-day SMA) levels, above which gains could be extended to 1.2406 (100-day SMA) levels. On the flip side, support is seen at 1.2264 (Dec 18 Low) levels, below which it could extend losses to 1.2245 (Dec 8 Low) levels.