5 Jan 2015
EUR/USD hits fresh daily lows; holds above 1.19 handle
FXStreet (Mumbai) - The single currency dived deeper against the US dollar, heading towards fresh nine year lows reached at 1.1858 levels in the previous session, amid growing expectations of the European Central Bank (ECB) embarking upon a full-blown sovereign QE program in its upcoming meeting later this month.
Currently, the EUR/USD pair hits a fresh daily low at 1.1908 levels, just a whisker short of breaking below the crucial 1.19 handle. EUR/USD slid further close to nine year low levels today as traders anticipate higher chances of ECB rolling out additional stimulus measures in its meeting scheduled on Jan 22, pushing the Euro to multi-year lows versus the greenback.
Meanwhile, investors now focus on the German CPI, which is due shortly. The yearly change is expected to come out at 0.4%, down from last month's reading 0.6%, while the m/m figure is predicted to print 0.2%, up from December's 0.0%.
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 daily low at 1.1908 levels, just a whisker short of breaking below the crucial 1.19 handle. EUR/USD slid further close to nine year low levels today as traders anticipate higher chances of ECB rolling out additional stimulus measures in its meeting scheduled on Jan 22, pushing the Euro to multi-year lows versus the greenback.
Meanwhile, investors now focus on the German CPI, which is due shortly. The yearly change is expected to come out at 0.4%, down from last month's reading 0.6%, while the m/m figure is predicted to print 0.2%, up from December's 0.0%.
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.