30 Mar 2015
EUR/USD likely to attack 1.08
FXStreet (Mumbai) - EUR/USD moved farther from 1.09 handle and extended its downside momentum in the European morning, as Greece worries return to the spotlight amid a dry EUR calendar and broad UD strength.
EUR/USD drops from 1.0870
The EUR/USD trades lower by -0.56% at fresh session lows of 1.0829 levels, having posted day’s high at 1.0884. EUR/USD continued its losing streak and is poised to test 1.08 handle as traders turn their focus on Greece ahead of Euro group meeting today after Greece sent a package of reform proposals to their euro zone partners in order to avoid a cash crunch on Friday night.
Greece and its international creditors held talks over the weekend, and Greece had set Monday as a deadline to finalize the proposals as it has to implement reforms to unlock about €7.2 billion in bailout funds.
Also, a firming US dollar against its major peers following comments from Fed’s Yellen and upbeat US macro data also continues to weigh on EUR/USD.
Meanwhile, traders now await key German CPI data ahead of a batch of US economic releases for further momentum on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0900 levels, above which gains could be extended to 1.0973 (March 22 High) levels. On the flip side, support is seen at 1.0800, below which it could extend losses to 1.0766 (March 22 Low) levels.
EUR/USD drops from 1.0870
The EUR/USD trades lower by -0.56% at fresh session lows of 1.0829 levels, having posted day’s high at 1.0884. EUR/USD continued its losing streak and is poised to test 1.08 handle as traders turn their focus on Greece ahead of Euro group meeting today after Greece sent a package of reform proposals to their euro zone partners in order to avoid a cash crunch on Friday night.
Greece and its international creditors held talks over the weekend, and Greece had set Monday as a deadline to finalize the proposals as it has to implement reforms to unlock about €7.2 billion in bailout funds.
Also, a firming US dollar against its major peers following comments from Fed’s Yellen and upbeat US macro data also continues to weigh on EUR/USD.
Meanwhile, traders now await key German CPI data ahead of a batch of US economic releases for further momentum on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0900 levels, above which gains could be extended to 1.0973 (March 22 High) levels. On the flip side, support is seen at 1.0800, below which it could extend losses to 1.0766 (March 22 Low) levels.