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EUR/USD rises to session highs at 1.1475
FXStreet (Mumbai) - The shared currency is seen pick-up pace versus the US dollar in the European morning, with EUR/USD attempting another run towards 1.15 barrier. The main currency pair seems to have caught a fresh bid wave as the European traders hit their desks digesting the latest news on China.
EUR/USD rises from 1.1420 levels
The EUR/USD pair trades 0.75% higher at 1.1470, bouncing-off session lows reached at 1.1420. The major ran through fresh buyers heading in to European morning as markets react to the latest crash witnessed in Chinese stocks during the Asian hours.
The EUR/USD pair once again looks to retest 1.1500 levels as risk-off sentiment persists after sharp declines in Chinese equities.
Analysts at ANZ noted, "Risk off’ remains the dominant theme of currency markets, with JPY and EUR expected to continue to strengthen."
Moreover, the euro remain the main beneficiaries of the falling rate hike bets in the US as EUR/USD was oversold on the widening divergence in policies of the Federal Reserve (Fed) and the European Central Bank (ECB).
On the data front, today’s trading session remains data-empty with China fears expected to remain in focus fanning risk-off environment across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1499 (Today’s High), above which gains could be extended to 1.1535 (Feb High) levels. On the flip side, support is seen at 1.1370 (Today’s Low) below which it could extend losses to 1.1329 (June 18 High).
EUR/USD rises from 1.1420 levels
The EUR/USD pair trades 0.75% higher at 1.1470, bouncing-off session lows reached at 1.1420. The major ran through fresh buyers heading in to European morning as markets react to the latest crash witnessed in Chinese stocks during the Asian hours.
The EUR/USD pair once again looks to retest 1.1500 levels as risk-off sentiment persists after sharp declines in Chinese equities.
Analysts at ANZ noted, "Risk off’ remains the dominant theme of currency markets, with JPY and EUR expected to continue to strengthen."
Moreover, the euro remain the main beneficiaries of the falling rate hike bets in the US as EUR/USD was oversold on the widening divergence in policies of the Federal Reserve (Fed) and the European Central Bank (ECB).
On the data front, today’s trading session remains data-empty with China fears expected to remain in focus fanning risk-off environment across the board.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1499 (Today’s High), above which gains could be extended to 1.1535 (Feb High) levels. On the flip side, support is seen at 1.1370 (Today’s Low) below which it could extend losses to 1.1329 (June 18 High).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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