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24 Apr 2015
EUR/USD drops below 1.08
FXStreet (Mumbai) - The EUR/USD ran into offers at the highs around 1.0827 in the Asian session, post which the pair fell below 1.08 levels ahead of the Eurogroup Meeting.
Fails to sustain above 50-DMA
The pair failed to sustain above its 50-DMA currently located at 1.0817 for the second consecutive session. The EUR is being offered ahead of the Eurogroup meeting, although there seems to be little hope that much progress is likely to be made with Greece over the debt negotiations. Many believe the deal could be delayed until the next meeting on May 11.
Ahead in the data, the pair could also be influenced by the German IFO business climate/expectations index and US Durable Goods Orders (exp +0.6%).
EUR/USD Technical Levels
The pair currently trades at 1.0788. The immediate support is located at 1.0761 (5-DMA), under which losses could be extended to 1.0707-1.07. On the other hand, a break above 1.0817 (50-DMA) could drive the pair higher to 1.0850.
Fails to sustain above 50-DMA
The pair failed to sustain above its 50-DMA currently located at 1.0817 for the second consecutive session. The EUR is being offered ahead of the Eurogroup meeting, although there seems to be little hope that much progress is likely to be made with Greece over the debt negotiations. Many believe the deal could be delayed until the next meeting on May 11.
Ahead in the data, the pair could also be influenced by the German IFO business climate/expectations index and US Durable Goods Orders (exp +0.6%).
EUR/USD Technical Levels
The pair currently trades at 1.0788. The immediate support is located at 1.0761 (5-DMA), under which losses could be extended to 1.0707-1.07. On the other hand, a break above 1.0817 (50-DMA) could drive the pair higher to 1.0850.