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17 Apr 2015
EUR/USD back below 1.08
FXStreet (Mumbai) - The EUR/USD backed away from the session high of 1.0847 levels to trade below 1.08 levels, although the softer tone on the USD has helped restrict the decline around 1.0790 levels so far.
Will it regain 1.08?
The fate of the shared currency will be partly decided by the US CPI data due for release later today. Consensus estimate call for CPI to remain unchanged at 0.00% year-on-year and 0.2% year-on-year in March.
Moreover, the USD sellers could take a back seat in case the CPI prints higher than expected. Meanwhile, safe haven flows ahead on Greek concerns could also help the USD regain strength. It remains to be seen if Greek concerns and/or US data manages to suppress the pair or it continues to make new session highs above 1.08 levels.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0847, above which the pair could rise to 1.0869 (38.2% Fib retracement of 1.1532-1.0461). On the flip side, a break below 1.0756 could drive the pair lower to 1.0715 (23.6% Fib retracement of 1.1532-1.0461).
Will it regain 1.08?
The fate of the shared currency will be partly decided by the US CPI data due for release later today. Consensus estimate call for CPI to remain unchanged at 0.00% year-on-year and 0.2% year-on-year in March.
Moreover, the USD sellers could take a back seat in case the CPI prints higher than expected. Meanwhile, safe haven flows ahead on Greek concerns could also help the USD regain strength. It remains to be seen if Greek concerns and/or US data manages to suppress the pair or it continues to make new session highs above 1.08 levels.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0847, above which the pair could rise to 1.0869 (38.2% Fib retracement of 1.1532-1.0461). On the flip side, a break below 1.0756 could drive the pair lower to 1.0715 (23.6% Fib retracement of 1.1532-1.0461).