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12 Mar 2015
EUR/USD slumps to lowest since Feb 2003 below 1.05
FXStreet (Mumbai) - EUR/USD extends its downward spiral and plunged to fresh twelve year lows, breaking below 1.05 barrier as the US dollar accelerates gains against its major counterparts and surpassed the crucial 100 mark.
EUR/USD slides from 1.0514 levels
The EUR/USD now trades at 1.0509 levels, recording a loss of -0.35% on the day, having slipped fresh multi-year lows at 1.0496 levels few minutes ago. EUR/USD tumbled to fresh twelve year low and heads lower within reach of parity as the US dollar continues to be heavily bid across the board. Diverging monetary policy outlooks between the US and the Europe keeps the reserve currency boosted against the euro.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumped to fresh twelve year highs at 100.05 and now trades at 99.96 levels, recording a 0.31% gain on the day.
Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0553 (Today’s High) levels, above which gains could be extended to 1.0600 levels. On the flip side, support is seen at 1.0496 (Today’s Low) levels, below which it could extend losses to 1.0450 (Feb 2003) levels.
EUR/USD slides from 1.0514 levels
The EUR/USD now trades at 1.0509 levels, recording a loss of -0.35% on the day, having slipped fresh multi-year lows at 1.0496 levels few minutes ago. EUR/USD tumbled to fresh twelve year low and heads lower within reach of parity as the US dollar continues to be heavily bid across the board. Diverging monetary policy outlooks between the US and the Europe keeps the reserve currency boosted against the euro.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumped to fresh twelve year highs at 100.05 and now trades at 99.96 levels, recording a 0.31% gain on the day.
Meanwhile, traders continue to closely monitor Greek negotiations ahead of its EUR 350bn to IMF tomorrow. Also, a host of US data including retail sales and unemployment claims numbers may provide fresh incentives for the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0553 (Today’s High) levels, above which gains could be extended to 1.0600 levels. On the flip side, support is seen at 1.0496 (Today’s Low) levels, below which it could extend losses to 1.0450 (Feb 2003) levels.