20 Feb 2015
EUR/USD dips to fresh lows ahead of Euro zone data
FXStreet (Mumbai) - EUR/USD shaved-off previous gains and dropped to fresh session lows, breaking below 20-DMA levels, as markets remain nervous ahead of a series of PMI reading from the Euro area economies and the crucial Euro group meeting with Greece's debt deal in focus.
EUR/USD falls from 1.1360 level post German PPI data
The EUR/USD now trades lower by -0.22% at 1.1343, quickly recovered from fresh session lows at 1.1339 levels. EUR/USD slipped from session highs in an immediate reaction to a bearish German PPI report which spooked the markets ahead of a host of economic releases from the EMU. The shared currency remains pressured versus the US dollar in anticipation of an outcome on Greece debt at the Euro group meeting after two failed attempts to reach an agreement.
Meanwhile, traders now shift their attention towards French manufacturing and services PMI data due shortly which will kick-start PMI releases for the day.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1374 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1320 (Feb 17 Low) levels, below which it could extend losses to 1.1300 levels.
EUR/USD falls from 1.1360 level post German PPI data
The EUR/USD now trades lower by -0.22% at 1.1343, quickly recovered from fresh session lows at 1.1339 levels. EUR/USD slipped from session highs in an immediate reaction to a bearish German PPI report which spooked the markets ahead of a host of economic releases from the EMU. The shared currency remains pressured versus the US dollar in anticipation of an outcome on Greece debt at the Euro group meeting after two failed attempts to reach an agreement.
Meanwhile, traders now shift their attention towards French manufacturing and services PMI data due shortly which will kick-start PMI releases for the day.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1374 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1320 (Feb 17 Low) levels, below which it could extend losses to 1.1300 levels.