Back
5 Jan 2015
EUR/USD drops to fresh 9-year lows
FXStreet (Mumbai) - The single currency plunged against the US dollar, reaching fresh nine year low in the late Asian trading, as the US dollar trades at a fresh multi-year peak versus other major currencies.
Currently, the EUR/USD pair hits a fresh nine-year low at 1.1927 levels, after having posted day’ high at 1.1976 levels. EUR/USD is expected to remain pressured amid diverging monetary policy outlooks between the US and the 19-nation bloc. Increased bets of the European Central Bank (ECB) going in for a full-blown Sovereign quantitative easing program as early as the upcoming meeting on Jan 22, opposed to a rate hike stance of the US Federal Reserve (Fed) by mid 2015, dragged the single currency to nine year lows versus the US dollar.
Meanwhile, investors will focus on a batch of crucial US and Euro zone economic data releases in the week ahead to gauge directions on the currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1976 (Today’s High) levels, above which gains could be extended to 1.20 levels. On the flip side, support is seen at 1.19 levels, below which it could extend losses to 1.1859 (March 2006 Low) levels.
Currently, the EUR/USD pair hits a fresh nine-year low at 1.1927 levels, after having posted day’ high at 1.1976 levels. EUR/USD is expected to remain pressured amid diverging monetary policy outlooks between the US and the 19-nation bloc. Increased bets of the European Central Bank (ECB) going in for a full-blown Sovereign quantitative easing program as early as the upcoming meeting on Jan 22, opposed to a rate hike stance of the US Federal Reserve (Fed) by mid 2015, dragged the single currency to nine year lows versus the US dollar.
Meanwhile, investors will focus on a batch of crucial US and Euro zone economic data releases in the week ahead to gauge directions on the currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1976 (Today’s High) levels, above which gains could be extended to 1.20 levels. On the flip side, support is seen at 1.19 levels, below which it could extend losses to 1.1859 (March 2006 Low) levels.