10 Mar 2015
EUR/USD hits fresh 12-year lows below 1.0750
FXStreet (Mumbai) - EUR/USD extends its losing streak and falls further to fresh twelve year lows in the mid-European session as the US dollar remains strongly bid across the board amid a quiet economic calendar for the day.
EUR/USD slips from 1.0772
The EUR/USD now trades at 1.0752 levels, recording a loss of -0.88% on the day, recovering swiftly from fresh twelve year low of 1.0735 posted some minutes ago. EUR/USD dives deeper in red on broad based US dollar strength as traders now increasingly anticipate the Federal Reserve (Fed) may drop its "patient" language at next week’s FOMC meeting on March 18, setting the stage for a hike in June or September this year.
Moreover, traders are giving up the shared currency and prefer the reserve currency on divergent monetary policy outlooks between the US and the old continent. The extensive scope of sovereign QE in the euro area which began yesterday is shifting investors from the euro.
Meanwhile, technical talks resume among the Euro group on Greece’s debt after a disappointing meeting yesterday. EUR/USD is expected to extend its downtrend on daily charts, as a huge sell-off still persists below 1.0750 (Sept 2003 Low) levels.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0837 (Today’s High) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0785 (Today’s Low) levels, below which it could extend losses to 1.0750 (Sept 2003) levels.
EUR/USD slips from 1.0772
The EUR/USD now trades at 1.0752 levels, recording a loss of -0.88% on the day, recovering swiftly from fresh twelve year low of 1.0735 posted some minutes ago. EUR/USD dives deeper in red on broad based US dollar strength as traders now increasingly anticipate the Federal Reserve (Fed) may drop its "patient" language at next week’s FOMC meeting on March 18, setting the stage for a hike in June or September this year.
Moreover, traders are giving up the shared currency and prefer the reserve currency on divergent monetary policy outlooks between the US and the old continent. The extensive scope of sovereign QE in the euro area which began yesterday is shifting investors from the euro.
Meanwhile, technical talks resume among the Euro group on Greece’s debt after a disappointing meeting yesterday. EUR/USD is expected to extend its downtrend on daily charts, as a huge sell-off still persists below 1.0750 (Sept 2003 Low) levels.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0837 (Today’s High) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0785 (Today’s Low) levels, below which it could extend losses to 1.0750 (Sept 2003) levels.