FXStreet (Mumbai) - The EUR/USD pair halted its recovery mode and turned in to the red zone in the early European trades, as re-emerging favourable conditions towards the greenback on rebounding Asian stocks weighs on the major.
EUR/USD faces stiff hurdle near 1.1175
The EUR/USD pair trades modestly flat at 1.1145, hovering above 1.11 barrier at the start of a fresh week. The shared currency stalled its recovery from 1.1085/90 levels seen last week near the upper band of 1.11 handle and now fell back in to losses with returning risk sentiment.
On data space, the first half of week holds nothing much of relevance with Monday’s EUR calendar almost data-empty with only German industrial production numbers to be reported.
During the past week, traders mostly ignored US and EU data and focused mostly on Thursday's statement from ECB and on Friday's payrolls, reinforcing divergent monetary policy outlooks between both the continents, which are likely to keep EUR undermined.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1188 (Aug 14 High), above which gains could be extended to 1.1213 (Aug 12 High) levels. On the flip side, support is seen at 1.1086 (Sept 3 Low) below which it could extend losses to 1.1023 (Aug 12 Low) levels.
EUR/USD faces stiff hurdle near 1.1175
The EUR/USD pair trades modestly flat at 1.1145, hovering above 1.11 barrier at the start of a fresh week. The shared currency stalled its recovery from 1.1085/90 levels seen last week near the upper band of 1.11 handle and now fell back in to losses with returning risk sentiment.
On data space, the first half of week holds nothing much of relevance with Monday’s EUR calendar almost data-empty with only German industrial production numbers to be reported.
During the past week, traders mostly ignored US and EU data and focused mostly on Thursday's statement from ECB and on Friday's payrolls, reinforcing divergent monetary policy outlooks between both the continents, which are likely to keep EUR undermined.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1188 (Aug 14 High), above which gains could be extended to 1.1213 (Aug 12 High) levels. On the flip side, support is seen at 1.1086 (Sept 3 Low) below which it could extend losses to 1.1023 (Aug 12 Low) levels.
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