6 Jan 2016
EUR/USD turns negative near 1.0745 in early Europe
FXStreet (Mumbai) - Having peaked at 1.0775 levels in early Asia, the EUR/USD pair drifted lower and now consolidates near the mid-point of 1.07 handle as we progress towards the early European trades.
EUR/USD awaits final services PMIs
Currently, the EUR/USD pair trades modestly flat at 1.0744, keeping range below 1.0750 levels over the last couple of hours. The main currency pair trades around a flat-line and looks to resume its ongoing downward spiral, as the shared currency fails to benefit from risk-off market profile amid negative Asian equities and European indices futures. The DAX futures tank -1.07% and the UK’s FTSE futures sink -0.90%.
Adding to the renewed selling interest around the EUR/USD pair, the US dollar seems to catch a fresh bid tone against its major competitors heading into Europe. The USD index rises 0.06% to 99.51 levels, nearing 100 marker.
Meanwhile, markets now await the European open for fresh cues on the major ahead of a series of final services PMI from the euro area. While the main focus for today remains a batch of US economic data and the FOMC minutes due later in the NY session.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance is seen at 1.0810/12 (50-DMA/ 1h 50-SMA). A break beyond the last, doors will open for a test of 1.0860/69 (1h 100-SMA/ 10-DMA). On the flip side, the immediate support is placed at 1.0709/00 (Jan 5 Low/ round number), below which 1.0650 (pre-ECB levels) could be tested.
EUR/USD awaits final services PMIs
Currently, the EUR/USD pair trades modestly flat at 1.0744, keeping range below 1.0750 levels over the last couple of hours. The main currency pair trades around a flat-line and looks to resume its ongoing downward spiral, as the shared currency fails to benefit from risk-off market profile amid negative Asian equities and European indices futures. The DAX futures tank -1.07% and the UK’s FTSE futures sink -0.90%.
Adding to the renewed selling interest around the EUR/USD pair, the US dollar seems to catch a fresh bid tone against its major competitors heading into Europe. The USD index rises 0.06% to 99.51 levels, nearing 100 marker.
Meanwhile, markets now await the European open for fresh cues on the major ahead of a series of final services PMI from the euro area. While the main focus for today remains a batch of US economic data and the FOMC minutes due later in the NY session.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance is seen at 1.0810/12 (50-DMA/ 1h 50-SMA). A break beyond the last, doors will open for a test of 1.0860/69 (1h 100-SMA/ 10-DMA). On the flip side, the immediate support is placed at 1.0709/00 (Jan 5 Low/ round number), below which 1.0650 (pre-ECB levels) could be tested.