3 Feb 2015
EUR/USD rejected at 1.1350
FXStreet (Mumbai) - The EUR/USD> weakened slightly to 1.1325 after having faced rejection around 1.1350 earlier today.
Maintains range bound activity
The pair is stuck in the range of 1.1360-1.1296 since the beginning of this month. The pair failed on multiple occasions to rise above 1.1360 amid rising tensions between Greece and its international creditors and repeated jawboning by European Central Bank policymakers. Meanwhile, the pair has managed to sustain above 1.13 levels on signs of weakness in the US economy.
The latest failure around 1.1350 was triggered by the official data in Spain, which showed the number of unemployed people in Spain rose for the first time in three months in January. Number of Unemployed people increased by a seasonally adjusted 78,000 last month, disappointing expectations for a drop of 32,400.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1360, above which the pair could test 1.1420 levels. On the flip side, a break below 1.13 shall push the pair down to 1.1260 levels.
Maintains range bound activity
The pair is stuck in the range of 1.1360-1.1296 since the beginning of this month. The pair failed on multiple occasions to rise above 1.1360 amid rising tensions between Greece and its international creditors and repeated jawboning by European Central Bank policymakers. Meanwhile, the pair has managed to sustain above 1.13 levels on signs of weakness in the US economy.
The latest failure around 1.1350 was triggered by the official data in Spain, which showed the number of unemployed people in Spain rose for the first time in three months in January. Number of Unemployed people increased by a seasonally adjusted 78,000 last month, disappointing expectations for a drop of 32,400.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1360, above which the pair could test 1.1420 levels. On the flip side, a break below 1.13 shall push the pair down to 1.1260 levels.