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11 Mar 2015
EUR/USD back to 1.0570
FXStreet (Edinburgh) - The single currency keeps the negative ground on Wednesday, with EUR/USD now struggling to convincingly break above the 1.0600 mark.
EUR/USD bearish tone persists
The underlying negative trend in the pair has accelerated today following appreciations by ECB’s Mario Draghi in Frankfurt. In addition, the USD rally seems everything but abated, as market participants keep adding to the long positions in the greenback ahead of an anticipated hawkish tone from the FOMC in next week’s meeting.
Something (worrying?) from Greece: the government said its ready to seize German assets as some sort of compensation for Nazi war crimes. The euro practically ignored the news, as markets regard this as a kind of diversion from the more relevant debt talks.
EUR/USD relevant levels
As of writing the pair is losing 1.17% at 1.0572 and a breakdown of 1.0502 (low Mar. 21 2003) would target 1.0335 (2003 low. Jan.2) en route to 1.0207 (low Dec.19 2002). On the flip side, the initial hurdle lines up at 1.0719 (hourly high Mar.11) followed by 1.0855 (high Mar.10) and then 1.0906 (high Mar.9).
EUR/USD bearish tone persists
The underlying negative trend in the pair has accelerated today following appreciations by ECB’s Mario Draghi in Frankfurt. In addition, the USD rally seems everything but abated, as market participants keep adding to the long positions in the greenback ahead of an anticipated hawkish tone from the FOMC in next week’s meeting.
Something (worrying?) from Greece: the government said its ready to seize German assets as some sort of compensation for Nazi war crimes. The euro practically ignored the news, as markets regard this as a kind of diversion from the more relevant debt talks.
EUR/USD relevant levels
As of writing the pair is losing 1.17% at 1.0572 and a breakdown of 1.0502 (low Mar. 21 2003) would target 1.0335 (2003 low. Jan.2) en route to 1.0207 (low Dec.19 2002). On the flip side, the initial hurdle lines up at 1.0719 (hourly high Mar.11) followed by 1.0855 (high Mar.10) and then 1.0906 (high Mar.9).