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31 Aug 2015
EUR/USD: Bulls offered respite on risk-off, German retail sales eyed
FXStreet (Mumbai) - The shared currency breathed a sigh of relief and remains strongly bid versus the US dollar in the early European trades, now lifting EUR/USD near the mid-point of 1.12 handle.
EUR/USD supported at 1.1204
The EUR/USD pair trades 0.60% higher at 1.1255, hovering close to fresh session highs of 1.1262. The major keeps pushing higher as we head in to the European morning bells as the common currency remains underpinned as a traditional safe-haven after a fresh wave of risk-aversion hit the markets as the Chinese indices fell on Monday, re-igniting Chinese slowdown fears.
Moreover, the EUR/USD pair clinged to gains as markets now await the German retail sales and Euro zone inflation figures due later today ahead of busy EUR economic calendar this week.
Meanwhile, higher volatility is expected to remain in the financial markets for the next two weeks, as traders scrutinized the final economic numbers, especially this week’s labour market report, before the Federal Reserve's (Fed) next meeting.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1204 (Today’s Low) below which it could extend losses to 1.1155 (Aug 28 Low) levels.
EUR/USD supported at 1.1204
The EUR/USD pair trades 0.60% higher at 1.1255, hovering close to fresh session highs of 1.1262. The major keeps pushing higher as we head in to the European morning bells as the common currency remains underpinned as a traditional safe-haven after a fresh wave of risk-aversion hit the markets as the Chinese indices fell on Monday, re-igniting Chinese slowdown fears.
Moreover, the EUR/USD pair clinged to gains as markets now await the German retail sales and Euro zone inflation figures due later today ahead of busy EUR economic calendar this week.
Meanwhile, higher volatility is expected to remain in the financial markets for the next two weeks, as traders scrutinized the final economic numbers, especially this week’s labour market report, before the Federal Reserve's (Fed) next meeting.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1204 (Today’s Low) below which it could extend losses to 1.1155 (Aug 28 Low) levels.