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12 Mar 2015
EUR/USD back below 1.06
FXStreet (Mumbai) - The rally in the EUR/USD pair stalled at the hourly 50-SMA level, post which the pair has been pushed back below 1.06 levels. The German bond yields have also erased gains to trade with moderate losses.
EUR/USD: gains capped at hourly 50-MA
The pair failed to extend gains above the hourly 50-MA located at 1.0632, post which the renewed selling pressure pushed the pair down to 1.0593 levels. Moreover, the German 10-year bond yield also dropped from the 0.22% to trade lower at 0.20%. The weakness in the German yields could have pulled the EUR/USD pair back below 1.06 levels.
Meanwhile, investors now await EMU’s Industrial Production and the speech by BundesBank’s J.Weidmann.
EUR/USD Technical Levels
The pair currently trades at 1.0589 levels. The immediate resistance is seen at 1.0632, above which gains could be extended to 1.0715 levels. On the other hand, a break below 1.0558 could see the pair re-test 1.0493 levels.
EUR/USD: gains capped at hourly 50-MA
The pair failed to extend gains above the hourly 50-MA located at 1.0632, post which the renewed selling pressure pushed the pair down to 1.0593 levels. Moreover, the German 10-year bond yield also dropped from the 0.22% to trade lower at 0.20%. The weakness in the German yields could have pulled the EUR/USD pair back below 1.06 levels.
Meanwhile, investors now await EMU’s Industrial Production and the speech by BundesBank’s J.Weidmann.
EUR/USD Technical Levels
The pair currently trades at 1.0589 levels. The immediate resistance is seen at 1.0632, above which gains could be extended to 1.0715 levels. On the other hand, a break below 1.0558 could see the pair re-test 1.0493 levels.