28 Apr 2015
EUR/USD volatile near 1.09
FXStreet (Mumbai) - The shared currency swings between gains and losses versus the greenback in the European morning, rebounding sharply after a fresh bid wave caught the US dollar which dragged EUR/USD to fresh session lows and now back to square one, testing highs near 1.09 handle.
EUR/USD witnesses huge volatility
The EUR/USD trades flat at 1.0894 levels, hovering close to 1.0899 highs. EUR/USD wiped out losses and trades flat, bouncing-off fresh session lows following a sudden bout of selling was witnessed in the greenback which pushed the single currency to test 1.09 barrier.
However, the upside in the pair seems restricted as the recent the developments surrounding Greece continue to weigh on EUR/USD. The Greek government needs to find around €1 billion for salaries and pensions this week, as well as around €200 million by the end of the week to repay the IMF.
Meanwhile, traders may also await US HPI and consumer confidence data due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0928 (April 27 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0818 (April 27 Low) below which it could extend losses to 1.0802 (April 7 Low) levels.
EUR/USD witnesses huge volatility
The EUR/USD trades flat at 1.0894 levels, hovering close to 1.0899 highs. EUR/USD wiped out losses and trades flat, bouncing-off fresh session lows following a sudden bout of selling was witnessed in the greenback which pushed the single currency to test 1.09 barrier.
However, the upside in the pair seems restricted as the recent the developments surrounding Greece continue to weigh on EUR/USD. The Greek government needs to find around €1 billion for salaries and pensions this week, as well as around €200 million by the end of the week to repay the IMF.
Meanwhile, traders may also await US HPI and consumer confidence data due later in the day for fresh USD moves which may set the direction for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0928 (April 27 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0818 (April 27 Low) below which it could extend losses to 1.0802 (April 7 Low) levels.