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29 May 2015
EUR/USD off highs near 1.0970
FXStreet (Mumbai) - The shared currency shed some gains and retraced from just shy of 1.10 barrier versus the American dollar in the European session, with EUR/USD defending mild gains above 1.0950, as the looming Greece concerns continue to dampen sentiment around the euro as markets eagerly await US GDP revision print.
EUR/USD dropped from 1.0990 session highs
The EUR/USD pair trades 0.21% higher at 1.0972, holding moderate gains ahead of the US open. The EUR/USD pair trimmed gains as traders preferred to lock-in gains after the run-up to 1.10 barrier in last hours. Moreover, markets turn cautious ahead of key US GDP data which may cause huge volatility across the FX space.
Also, EUR/USD remains pressured on impending Greece story with the crucial IMF payment due next week. Greece is due to make four payments to the IMF in June: a €308 million payment on June 5, another €347 million on June 12, followed by a payment of €578 million on June 16 and €347 million on June 19, making it the final deadline, rather than Friday next week.
Meanwhile, the major highlight for today’s trading is likely to be the US Q1 GDP numbers scheduled to be released later in the NA session. Markets are now predicting a -0.9% annualized contraction in economic output in the three months to March.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0990 (Today’s High) levels, above which gains could be extended to 1.1012 (May 25 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0862 (May 26 Low) levels.
EUR/USD dropped from 1.0990 session highs
The EUR/USD pair trades 0.21% higher at 1.0972, holding moderate gains ahead of the US open. The EUR/USD pair trimmed gains as traders preferred to lock-in gains after the run-up to 1.10 barrier in last hours. Moreover, markets turn cautious ahead of key US GDP data which may cause huge volatility across the FX space.
Also, EUR/USD remains pressured on impending Greece story with the crucial IMF payment due next week. Greece is due to make four payments to the IMF in June: a €308 million payment on June 5, another €347 million on June 12, followed by a payment of €578 million on June 16 and €347 million on June 19, making it the final deadline, rather than Friday next week.
Meanwhile, the major highlight for today’s trading is likely to be the US Q1 GDP numbers scheduled to be released later in the NA session. Markets are now predicting a -0.9% annualized contraction in economic output in the three months to March.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0990 (Today’s High) levels, above which gains could be extended to 1.1012 (May 25 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0862 (May 26 Low) levels.