23 Mar 2015
EUR/USD hits session low
FXStreet (Mumbai) - The EUR/USD pair hit a session low of 1.0766 after the Federal Reserve St. Louis said a bigger rate hike would be needed in the future in case the Fed falls behind the curve by waiting too long for the first rate hike.
EUR/USD: Drops below 5-DMA
The pair fell below 5-DMA support currently seen at 1.0786 levels, after having breached the 38.2% Fib retracement (1.0461-1.1033) level located at 1.0814 levels. The USD strengthened after Bullard said the Fed would have to hike rates faster in case it falls behind the curve. His comments, helped the Treasury yields recover losses, although the 10-year yield, at 1.936%, has been unable to post gains so far.
Meanwhile, the shared currency is also struggling due to Greek debt talks and left-wing gains in Spanish elections. The Merkel-Tsipras talks and the ECB President Draghi’s testimony shall also influence the EUR/USD pair.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0832, above which gains could be extended to 1.0881. On the flip side, a break below 1.0766, could drive the pair lower to 1.0748.
EUR/USD: Drops below 5-DMA
The pair fell below 5-DMA support currently seen at 1.0786 levels, after having breached the 38.2% Fib retracement (1.0461-1.1033) level located at 1.0814 levels. The USD strengthened after Bullard said the Fed would have to hike rates faster in case it falls behind the curve. His comments, helped the Treasury yields recover losses, although the 10-year yield, at 1.936%, has been unable to post gains so far.
Meanwhile, the shared currency is also struggling due to Greek debt talks and left-wing gains in Spanish elections. The Merkel-Tsipras talks and the ECB President Draghi’s testimony shall also influence the EUR/USD pair.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0832, above which gains could be extended to 1.0881. On the flip side, a break below 1.0766, could drive the pair lower to 1.0748.