24 Aug 2015
EUR/USD eases-off half-yearly highs, near 1.1430
FXStreet (Mumbai) - EUR/USD gave away half its gains and recedes towards 1.14 handle, as the EUR bulls took a breather from its upsurge led by increased demand for safety assets as China stocks rout intensified.
EUR/USD rejected at 1.1499
The EUR/USD pair trades 0.40% higher at 1.1429, retreating from fresh half-yearly highs at 1.1499 reached in Asia. The major shed partial gains, having faced stiff hurdle at 1.15 barrier, as traders resorted to profit-taking after the spike seen in the Asian session.
Markets favoured the traditional safe-haven currencies such as the yen, Swiss franc and the euro after the Chine worries heightened following another crash of more than 10 % in th Chinese stocks. China's government support is failing to lift market sentiment, resulting in broad global equities sell-off.
Further, concerns over China's growth continues to weigh on the US dollar which is being relentlessly offered against its major peers as markets push back September rate-hike expectations after last week's dovish FOMC minutes.
On the data front, today’s trading session remains data-empty with China fears expected to remain in focus fanning risk-off environment across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1499 (Today’s High), above which gains could be extended to 1.1535 (Feb High) levels. On the flip side, support is seen at 1.1370 (Today’s Low) below which it could extend losses to 1.1329 (June 18 High).
EUR/USD rejected at 1.1499
The EUR/USD pair trades 0.40% higher at 1.1429, retreating from fresh half-yearly highs at 1.1499 reached in Asia. The major shed partial gains, having faced stiff hurdle at 1.15 barrier, as traders resorted to profit-taking after the spike seen in the Asian session.
Markets favoured the traditional safe-haven currencies such as the yen, Swiss franc and the euro after the Chine worries heightened following another crash of more than 10 % in th Chinese stocks. China's government support is failing to lift market sentiment, resulting in broad global equities sell-off.
Further, concerns over China's growth continues to weigh on the US dollar which is being relentlessly offered against its major peers as markets push back September rate-hike expectations after last week's dovish FOMC minutes.
On the data front, today’s trading session remains data-empty with China fears expected to remain in focus fanning risk-off environment across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1499 (Today’s High), above which gains could be extended to 1.1535 (Feb High) levels. On the flip side, support is seen at 1.1370 (Today’s Low) below which it could extend losses to 1.1329 (June 18 High).