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10 Apr 2015
EUR/USD drops below 1.06
FXStreet (Mumbai) - The USD bid wave continues-on amid thin economic calendar, pushing the EUR/USD pair below 1.06 levels.
Down 4% from the weekly high
At 1.10594, the pair down almost 4% from the weekly high of 1.1034. The repeated failure around 1.10-1.1050 levels triggered a sell-off, which was extended further after the FOMC minutes released on Wednesday convinced markets that the fed would raise rates in 2015.
Meanwhile, the shared currency failed to benefit from Greece honoring its payment to IMF on Thursday. The EUR also felt the heat from technical selling after analysts called for a double top formation in the EUR/USD pair.
EUR/USD Technical Levels
The immediate support is seen at 1.0550, under which losses could be extended to 1.0461. On the flip side, a break above 1.0636 could see the pair re-test 1.0682 levels.
Down 4% from the weekly high
At 1.10594, the pair down almost 4% from the weekly high of 1.1034. The repeated failure around 1.10-1.1050 levels triggered a sell-off, which was extended further after the FOMC minutes released on Wednesday convinced markets that the fed would raise rates in 2015.
Meanwhile, the shared currency failed to benefit from Greece honoring its payment to IMF on Thursday. The EUR also felt the heat from technical selling after analysts called for a double top formation in the EUR/USD pair.
EUR/USD Technical Levels
The immediate support is seen at 1.0550, under which losses could be extended to 1.0461. On the flip side, a break above 1.0636 could see the pair re-test 1.0682 levels.