EUR/USD off fresh 9-year lows Jan 07 2015 The single currency continued its downward momentum against the US dollar, however, pulled away from fresh nine year lows at 1.1851 levels hit in the early Asian hours, after a brief rebound witnessed in the last US session. Currently, the EUR/USD pair traded at 1.1872, dropping -0.15% on the day, moving way from nine year lows. EUR/USD slipped as looming political instability in Greece ahead of general elections and bets that the European Central Bank will broaden its monetary intervention after a series of final services PMIs from Euro zone showed growth remained pretty bleak. Moreover, broad based US dollar strength may also weigh on the EUR/USD. Meanwhile, markets may now focus on US Fed Meeting minutes due for release later today and crucial US NFP labour report due on Friday. 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 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.
Posted on: Wed, 07 Jan 2015 23:26:29 +0000
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