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1 Sep 2015
EUR/USD tests 1.1300, risk-off dominates in early moves
FXStreet (Mumbai) - The increased safe-haven bids drive EUR/USD towards 1.13 barrier as risk-off sentiment extends in to the early European trades amid falling Asian equities and oil prices.
EUR/USD rises from 1.1275 levels
The EUR/USD pair trades 0.69% higher at 1.1290, hovering close to fresh session highs reached at 1.1298 some minutes ago. The major extends its upbeat momentum as the safe-haven appeal of the euro received further boost on a renewed wave of risk-aversion while European traders hit their trading desks.
Moreover, the EUR/USD pair remains strongly bid as downbeat Chinese PMI report coupled with sliding Chinese stocks added to the persisting worries over the health of the Chinese economy, further bolstering risk-off moods.
Markets now shift their attention towards a data-heavy EUR calendar ahead, with a raft of EZ PMIs to dominate while German and EZ employment report will also be eagerly awaited.
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 1.1223 (Today’s Low) below which it could extend losses to 1.1159 (Aug 31 Low) levels.
EUR/USD rises from 1.1275 levels
The EUR/USD pair trades 0.69% higher at 1.1290, hovering close to fresh session highs reached at 1.1298 some minutes ago. The major extends its upbeat momentum as the safe-haven appeal of the euro received further boost on a renewed wave of risk-aversion while European traders hit their trading desks.
Moreover, the EUR/USD pair remains strongly bid as downbeat Chinese PMI report coupled with sliding Chinese stocks added to the persisting worries over the health of the Chinese economy, further bolstering risk-off moods.
Markets now shift their attention towards a data-heavy EUR calendar ahead, with a raft of EZ PMIs to dominate while German and EZ employment report will also be eagerly awaited.
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 1.1223 (Today’s Low) below which it could extend losses to 1.1159 (Aug 31 Low) levels.