23 Dec 2014
EUR/USD trades near 2-1/2 year lows
FXStreet (Mumbai) - The Euro trades unchanged against the US dollar, recovering from almost two and a half year lows of 1.2214 hit in the previous session.
Currently, the EUR/USD pair trades flat at 1.2231 levels, after falling to fresh two and half year low in overnight trading. The single currency plunged in the previous session as the US dollar erased losses from downbeat existing home sales data and regained strength reaching multiyear peak against major currencies. The dollar index, which measures the greenback’s strength against major six currencies, reached nine year peak at 89.99 levels in the overnight US session.
The EUR/USD is likely to continue its bearish momentum ahead of a deluge of US macro data to be release later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2273 (Dec 22 High) levels, above which gains could be extended to 1.2305 (Dec 19 High) levels. On the flip side, support is seen at 1.2214 (Dec 22 Low) levels, below which it could extend losses to 1.2180 (2012) levels.
Currently, the EUR/USD pair trades flat at 1.2231 levels, after falling to fresh two and half year low in overnight trading. The single currency plunged in the previous session as the US dollar erased losses from downbeat existing home sales data and regained strength reaching multiyear peak against major currencies. The dollar index, which measures the greenback’s strength against major six currencies, reached nine year peak at 89.99 levels in the overnight US session.
The EUR/USD is likely to continue its bearish momentum ahead of a deluge of US macro data to be release later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2273 (Dec 22 High) levels, above which gains could be extended to 1.2305 (Dec 19 High) levels. On the flip side, support is seen at 1.2214 (Dec 22 Low) levels, below which it could extend losses to 1.2180 (2012) levels.