20 Mar 2015
EUR/USD defends gains below 1.07 post EMU data
FXStreet (Mumbai) - EUR/USD bounced-off lows and returned to gains during the European session, with the upbeat EMU current account data keeping the upward moves intact.
EUR/USD rebounds from 1.0660
The EUR/USD now trades at 1.0684 levels, recording a 0.26% gain, bouncing once again in an attempt to breach 1.07 barrier. EUR/USD holds on to gains as the euro got a boost from impressive Euro zone current account data showing that the union’s current account surplus widened in January. EMU current account recorded a surplus of €29.4 billion in January, compared with €22.5 billion in December.
However, EUR/USD remains pressured amid renewed concerns surrounding Greece after the debt-ridden country was asked to submit a more concrete reform plan to euro area authorities so that bailout talks can accelerate.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0700 levels, above which gains could be extended to 1.0780 levels. On the flip side, support is seen at 1.0650 levels, below which it could extend losses to 1.0579 (March 18 Low) levels.
EUR/USD rebounds from 1.0660
The EUR/USD now trades at 1.0684 levels, recording a 0.26% gain, bouncing once again in an attempt to breach 1.07 barrier. EUR/USD holds on to gains as the euro got a boost from impressive Euro zone current account data showing that the union’s current account surplus widened in January. EMU current account recorded a surplus of €29.4 billion in January, compared with €22.5 billion in December.
However, EUR/USD remains pressured amid renewed concerns surrounding Greece after the debt-ridden country was asked to submit a more concrete reform plan to euro area authorities so that bailout talks can accelerate.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0700 levels, above which gains could be extended to 1.0780 levels. On the flip side, support is seen at 1.0650 levels, below which it could extend losses to 1.0579 (March 18 Low) levels.