26 May 2015
EUR/USD drops below 1.09
FXStreet (Mumbai) - The EUR/USD pair extended losses in the early European session to trade below 1.09 levels as the German-USD benchmark bond yield spread tilted in favor of the American dollar.
EUR extends losses as German yields fall
The shared currency continues to witness fresh offers as the 10-year German bund yield fell almost 5 basis points to 0.557%. Meanwhile, its US counterpart fell just 3 basis points to 2.199%.
Greek issue coupled with fresh bids on the US dollar after an extended weekend pushed the EUR/USD pair to a low of 1.0883. The currency pair could continue to track the yield spread ahead of the durable goods orders report in the US.
EUR/USD Technical Levels
The pair currently trades at 1.0888. The immediate support is seen at 1.0845 (61.8% R of 1.0461-1.1465). On the other hand, a break above 1.09-1.0920 could see the pair re-test 1.0963 (38.2% R of 1.0461-1.1465).
EUR extends losses as German yields fall
The shared currency continues to witness fresh offers as the 10-year German bund yield fell almost 5 basis points to 0.557%. Meanwhile, its US counterpart fell just 3 basis points to 2.199%.
Greek issue coupled with fresh bids on the US dollar after an extended weekend pushed the EUR/USD pair to a low of 1.0883. The currency pair could continue to track the yield spread ahead of the durable goods orders report in the US.
EUR/USD Technical Levels
The pair currently trades at 1.0888. The immediate support is seen at 1.0845 (61.8% R of 1.0461-1.1465). On the other hand, a break above 1.09-1.0920 could see the pair re-test 1.0963 (38.2% R of 1.0461-1.1465).