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29 Jul 2015
EUR/USD erases gains, testing lows near 1.1060
FXStreet (Mumbai) - The bid tone on the common currency weakened in the Asian session, pushing the EUR/USD spot to a session low of 1.1060.
Focus on FOMC policy statement
The Fed is not expected to move rates later today, although the investors will carefully scan the wordings in the policy statement to see if the Fed stays non-committal or provides a hint at the timing of the first rate hike. Markets believe the Fed shall is likely to stay non-committal amid the turbulence in the overseas markets – Chinese stock market rout.
Meanwhile, the Euroland economic calendar is light, with just the german gfk consumer confidence scheduled for release. The Asian equities are mixed, with Shanghai trading steady and thus, failing to provide fresh cues to the FX markets.
EUR/USD Technical Levels
The immediate support is seen at 1.1016 (100-DMA), followed by another support at 1.0959 (10-DMA). On the other hand, resistance is seen at 1.1105 (50-DMA) and 1.1216 (July 10 high).
Focus on FOMC policy statement
The Fed is not expected to move rates later today, although the investors will carefully scan the wordings in the policy statement to see if the Fed stays non-committal or provides a hint at the timing of the first rate hike. Markets believe the Fed shall is likely to stay non-committal amid the turbulence in the overseas markets – Chinese stock market rout.
Meanwhile, the Euroland economic calendar is light, with just the german gfk consumer confidence scheduled for release. The Asian equities are mixed, with Shanghai trading steady and thus, failing to provide fresh cues to the FX markets.
EUR/USD Technical Levels
The immediate support is seen at 1.1016 (100-DMA), followed by another support at 1.0959 (10-DMA). On the other hand, resistance is seen at 1.1105 (50-DMA) and 1.1216 (July 10 high).