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10 Apr 2015

EUR/USD drops below 1.06

FXStreet (Mumbai) - The USD bid wave continues-on amid thin economic calendar, pushing the EUR/USD pair below 1.06 levels.

Down 4% from the weekly high

At 1.10594, the pair down almost 4% from the weekly high of 1.1034. The repeated failure around 1.10-1.1050 levels triggered a sell-off, which was extended further after the FOMC minutes released on Wednesday convinced markets that the fed would raise rates in 2015.

Meanwhile, the shared currency failed to benefit from Greece honoring its payment to IMF on Thursday. The EUR also felt the heat from technical selling after analysts called for a double top formation in the EUR/USD pair.

EUR/USD Technical Levels

The immediate support is seen at 1.0550, under which losses could be extended to 1.0461. On the flip side, a break above 1.0636 could see the pair re-test 1.0682 levels.

Apr 10, 2015

Greece remains in centre stage – DB

Analysts at Deutsche Bank noted the recent developments from the Greek front...

ECB's QE achievement so far in 2015

The European Central Bank’s (ECB) QE program has achieved stellar results restricted to financial markets. Though, still very far from the 2% inflation target, the QE program has achieved enough in terms of the performance of financial assets across the Eurozone.