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29 Jul 2015
EUR/USD on a steady decline towards 100-MA
FXStreet (Mumbai) - The EUR/USD continues to drift lower towards its 100-DMA located at 1.1012, on the back of a broad based strength in the USD in the early European session.
Rejected at Key fib resistance
The spot was rejected at 1.1083 (38.2% Fib R of Mar-May rally), after which it made a slow retreat to a session low of 1.1029. The EUR also failed to take out its 50-DMA in the previous two sessions. Meanwhile, the German consumer confidence figure released earlier today failed to have any impact on the pair.
With no major European data due for release, the investors are likely to remain focused on the Fed policy statement due later today. The spot may also witness minor moves after the release of New home sales figure in the US.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1012 (100-DMA)-1.10, under which the prices could drop to 1.0964 (50% of Mar-May rally). On the other hand, resistance is seen at 1.1083 and 1.1128 (July 27 high).
Rejected at Key fib resistance
The spot was rejected at 1.1083 (38.2% Fib R of Mar-May rally), after which it made a slow retreat to a session low of 1.1029. The EUR also failed to take out its 50-DMA in the previous two sessions. Meanwhile, the German consumer confidence figure released earlier today failed to have any impact on the pair.
With no major European data due for release, the investors are likely to remain focused on the Fed policy statement due later today. The spot may also witness minor moves after the release of New home sales figure in the US.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1012 (100-DMA)-1.10, under which the prices could drop to 1.0964 (50% of Mar-May rally). On the other hand, resistance is seen at 1.1083 and 1.1128 (July 27 high).