21 Jul 2015
EUR/USD corrects higher to 1.0860
FXStreet (Mumbai) - The bid tone in the EUR/USD pair increased in the European morning, as the traders took profits on the European currency amid a data empty EUR economic calendar on Tuesday.
EUR/USD supported at 1.0812
The EUR/USD pair trades 0.25% higher at 1.0851, retracing from 1.0863 highs reached last hours. The major was strongly bid, extending its corrective mode following sharp losses witnessed on Monday.
Moreover, divergence in the monetary policies of the ECB and Fed remains in focus, notably after St. Louis Fed President Bullard hinted on rate hikes, is likely to keep the gains in EUR/USD capped.
Markets now shift their focus towards a raft of flash manufacturing and manufacturing PMIs due for release on Friday amid a data-light European calendar for the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0872 (July 20 High) levels, above which gains could be extended to 1.0908 (July 17 High) levels. On the flip side, support is seen at 1.0812 (Today’s Low) below which it could extend losses to 1.0800 levels.
EUR/USD supported at 1.0812
The EUR/USD pair trades 0.25% higher at 1.0851, retracing from 1.0863 highs reached last hours. The major was strongly bid, extending its corrective mode following sharp losses witnessed on Monday.
Moreover, divergence in the monetary policies of the ECB and Fed remains in focus, notably after St. Louis Fed President Bullard hinted on rate hikes, is likely to keep the gains in EUR/USD capped.
Markets now shift their focus towards a raft of flash manufacturing and manufacturing PMIs due for release on Friday amid a data-light European calendar for the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0872 (July 20 High) levels, above which gains could be extended to 1.0908 (July 17 High) levels. On the flip side, support is seen at 1.0812 (Today’s Low) below which it could extend losses to 1.0800 levels.