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18 Mar 2015
EUR/USD retains 1.06
FXStreet (Mumbai) - EUR/USD holds gains above 1.06 handle in the European morning, extending its choppy trend from the Asian session, as all eyes remain on the FOMC meeting outcome later in the session.
EUR/USD deflates from 1.0619
The EUR/USD now trades at 1.0609 levels, recording a gain of 0.14% on the day, bouncing-off day’s high at 1.0619 levels. EUR/USD erased previous gains and remained lifted amid slight weakness in US dollar across the board on the back of lower US treasury yields.
However, the USD bulls are expected to regain lost ground later in the day ahead of FOMC statement as its widely expected that the central bank could change its forward guidance language, and raise the prospect of a rate hike in the next couple of months which is likely to boost the US dollar.
Meanwhile, with not much happening on the economic front, traders remain wary ahead of the conclusion of the 2-day Fed policy meeting for the release of the key FOMC Statement.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0619 (Today’s High) levels, above which gains could be extended to 1.0651 (March 17 High) levels. On the flip side, support is seen at 1.0580 (Today’s Low) levels, below which it could extend losses to 1.0550 (March 17 Low) levels.
EUR/USD deflates from 1.0619
The EUR/USD now trades at 1.0609 levels, recording a gain of 0.14% on the day, bouncing-off day’s high at 1.0619 levels. EUR/USD erased previous gains and remained lifted amid slight weakness in US dollar across the board on the back of lower US treasury yields.
However, the USD bulls are expected to regain lost ground later in the day ahead of FOMC statement as its widely expected that the central bank could change its forward guidance language, and raise the prospect of a rate hike in the next couple of months which is likely to boost the US dollar.
Meanwhile, with not much happening on the economic front, traders remain wary ahead of the conclusion of the 2-day Fed policy meeting for the release of the key FOMC Statement.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0619 (Today’s High) levels, above which gains could be extended to 1.0651 (March 17 High) levels. On the flip side, support is seen at 1.0580 (Today’s Low) levels, below which it could extend losses to 1.0550 (March 17 Low) levels.