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11 May 2015
EUR/USD testing lows near 1.1140
FXStreet (Edinburgh) - The single currency is trading on the back footing vs. the greenback at the beginning of the week, taking EUR/USD to the 1.1150/40 band.
EUR/USD focus on Eurogroup
It will be a quiet start of the week in the data space, leaving today’s Eurogroup meeting as the main source of volatility in the pair. Despite both EU and Greek officials have ruled out any form of agreement today, headlines from the meeting and the usual flow of rumours and comments are set to drive prices.
In the meantime, the recent move from the PBoC lowering both the deposit (2.25%) and the lending rates (5.10%) did nothing to ignite some significant reaction in the markets.
EUR/USD levels to watch
The pair is now losing 0.51% at 1.1145 with the initial support at 1.1100 (psychological level) followed by 1.1066 (low May.5) and finally 1.0959 (low Apr.29). On the flip side, a breakout of 1.1290 (high May 8) would aim for 1.1370 (high May.6) and then 1.1392 (high May 7).
EUR/USD focus on Eurogroup
It will be a quiet start of the week in the data space, leaving today’s Eurogroup meeting as the main source of volatility in the pair. Despite both EU and Greek officials have ruled out any form of agreement today, headlines from the meeting and the usual flow of rumours and comments are set to drive prices.
In the meantime, the recent move from the PBoC lowering both the deposit (2.25%) and the lending rates (5.10%) did nothing to ignite some significant reaction in the markets.
EUR/USD levels to watch
The pair is now losing 0.51% at 1.1145 with the initial support at 1.1100 (psychological level) followed by 1.1066 (low May.5) and finally 1.0959 (low Apr.29). On the flip side, a breakout of 1.1290 (high May 8) would aim for 1.1370 (high May.6) and then 1.1392 (high May 7).