Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD: prints a high above 1.0870 on profit taking
FXStreet (Mumbai) – The bearish momentum in the EUR/USD pair stalled in the early European session, opening doors for a bout of profit taking, which pushed the spot to a session high of 1.0878.
Focus on US data
The EUR witnessed a technical correction, after having suffered losses for four consecutive sessions. The investors now await the data in the US, which could show growth in existing home sales slowed in June. Meanwhile, Markit PMI data and housing price index could also influence the EUR/USD pair.
The spot fell to a low of 1.0811 earlier today, followed by a steady rise to 1.0878 levels. The pair has ticked higher even though the US-German benchmark 10-year bond yield spread remains largely unchanged on the day.
EUR/USD Technical Levels
The spot now trades at 1.0874. The immediate resistance is seen at 1.0960, followed by another hurdle at 1.0965 (hourly 200-MA). Meanwhile, support is seen at 1.0869 and 1.0845 levels.
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EUR/USD: prints a high above 1.0870 on profit taking
Source: FXStreet
