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4 Mar 2015
EUR/USD meanders near five week lows at 1.1164
FXStreet (Mumbai) - EUR/USD heads south towards fresh five week lows in the European morning, extending its bearish momentum as the shared currency remains pressured against the US dollar before the European Central (ECB) meeting tomorrow.
Euro zone Services PMI data in focus
The EUR/USD now trades flat at 1.1167 levels, remaining below 1.1200 levels. EUR/USD extends losses with recovery way out of sight as the pair remains unresponsive to the latest encouraging economic releases from the Euro zone economies. Moreover, traders now prefer to remain on the side lines as they expect euro to come under additional pressure may test 1.1098 level (Jan lows), when the bloc's central bankers meet tomorrow in Cyprus, to prepare the ground for QE implementation this month.
Meanwhile, markets now shift their attention towards services PMI readings across the Euro area and US ADP employment change numbers due out later in the day for fresh direction on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1185 (Today’s High) levels, above which gains could be extended to 1.1200 levels. On the flip side, support is seen at 1.1153 (March 3 Low) levels, below which it could extend losses to 1.1098 (Jan Low) levels.
Euro zone Services PMI data in focus
The EUR/USD now trades flat at 1.1167 levels, remaining below 1.1200 levels. EUR/USD extends losses with recovery way out of sight as the pair remains unresponsive to the latest encouraging economic releases from the Euro zone economies. Moreover, traders now prefer to remain on the side lines as they expect euro to come under additional pressure may test 1.1098 level (Jan lows), when the bloc's central bankers meet tomorrow in Cyprus, to prepare the ground for QE implementation this month.
Meanwhile, markets now shift their attention towards services PMI readings across the Euro area and US ADP employment change numbers due out later in the day for fresh direction on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1185 (Today’s High) levels, above which gains could be extended to 1.1200 levels. On the flip side, support is seen at 1.1153 (March 3 Low) levels, below which it could extend losses to 1.1098 (Jan Low) levels.