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8 Jan 2015
EUR/USD poised to attack 1.18 levels again
FXStreet (Mumbai) - The single currency edged lower against the US dollar, trading in a narrow range in a quiet mid-Asian session as USD bulls jumped back in the bids, close to its highest level in nine years versus the euro.
Currently, the EUR/USD pair trades at 1.1821 levels, down -0.15% on the day, retracing from fresh nine year lows at 1.18 levels hit in the previous session. EUR/USD remains pressured as the Fed minutes did little to stall the uptrend in the US dollar, with the greenback getting additional boost from above expectations US employment and trade data.
EUR/USD may stick to its losing trend ahead of German factory orders data which are expected to come in below market forecasts.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.18, below which it could extend losses to 1.1780 levels.
Currently, the EUR/USD pair trades at 1.1821 levels, down -0.15% on the day, retracing from fresh nine year lows at 1.18 levels hit in the previous session. EUR/USD remains pressured as the Fed minutes did little to stall the uptrend in the US dollar, with the greenback getting additional boost from above expectations US employment and trade data.
EUR/USD may stick to its losing trend ahead of German factory orders data which are expected to come in below market forecasts.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.18, below which it could extend losses to 1.1780 levels.