Back
31 Mar 2015
EUR/USD drops to fresh session lows
FXStreet (Mumbai) - The EUR/USD pair has weakened to fresh session low of 1.0774 after an attempt at 1.08 stalled near 1.07991 levels.
Focus on Greece
The markets are likely to look past the German unemployment and the Eurozone preliminary CPI data due for release later today. The Greece issue is likely to keep the EUR under pressure, especially since the reform plan submitted by the Greek government was rejected by its international creditors.
Moreover, the pair could take a hit if the preliminary Eurozone CPI reading points to further build up of deflationary pressures. However, a positive data may not help much as markets are likely to remain focused on the Greek issue.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0, above which gains could be extended to 1.0876. On the flip side, a break below 1.0755 could drive the pair lower to 1.0687 levels.
Focus on Greece
The markets are likely to look past the German unemployment and the Eurozone preliminary CPI data due for release later today. The Greece issue is likely to keep the EUR under pressure, especially since the reform plan submitted by the Greek government was rejected by its international creditors.
Moreover, the pair could take a hit if the preliminary Eurozone CPI reading points to further build up of deflationary pressures. However, a positive data may not help much as markets are likely to remain focused on the Greek issue.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0, above which gains could be extended to 1.0876. On the flip side, a break below 1.0755 could drive the pair lower to 1.0687 levels.