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22 Jun 2015
EUR/USD poised to test 1.1300
FXStreet (Mumbai) - The shared currency extends declines versus the US dollar in the European session, pushing EUR/USD lower below 1.1350 levels. The European currency gave back gains and fell back in red mainly on profit-taking after the major faced rejection at 1.14 barrier while a rebound in US dollar also added to the losses.
EUR/USD pressured on rising USD
The EUR/USD pair trades -0.31% lower at fresh session lows at 1.1314. The EUR/USD pair fell further into losses as optimism surrounding Greek deal boosted markets sentiments, increasing overall risk-appetite and thereby favouring the US dollar.
Moreover, a sudden bout of profit-taking or rather technical selling in EUR/USD was seen after the pair failed to extend gains beyond 1.14 handle on several occasions.
The major printed daily highs just ahead of 1.14 handle earlier today as renewed hopes of a Greek deal to be clinched at the 11th hour meeting between Euro group and Greek officials following weeks of broken-down talks over Greece's debt.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1438 (June 18 High) levels, above which gains could be extended to 1.1450 levels. On the flip side, support is seen at 1.1300 below which it could extend losses to 1.1259 (June 10 Low) levels.
EUR/USD pressured on rising USD
The EUR/USD pair trades -0.31% lower at fresh session lows at 1.1314. The EUR/USD pair fell further into losses as optimism surrounding Greek deal boosted markets sentiments, increasing overall risk-appetite and thereby favouring the US dollar.
Moreover, a sudden bout of profit-taking or rather technical selling in EUR/USD was seen after the pair failed to extend gains beyond 1.14 handle on several occasions.
The major printed daily highs just ahead of 1.14 handle earlier today as renewed hopes of a Greek deal to be clinched at the 11th hour meeting between Euro group and Greek officials following weeks of broken-down talks over Greece's debt.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1438 (June 18 High) levels, above which gains could be extended to 1.1450 levels. On the flip side, support is seen at 1.1300 below which it could extend losses to 1.1259 (June 10 Low) levels.