FXStreet (Mumbai) – The EUR/USD pair fell to fresh session lows of 1.1212 levels as the funding currencies like the EUR are being ditched amid the rally in the major European equity markets.
Supported by hourly 100-MA
The pair found support at its hourly 100-MA located at 1.1213 levels and recovered to trade at its hourly 200-MA located at 1.1218 levels. The EUR; already weak due to the drop in German retail sales, extended losses on account of a 1.2% gain in the pan-European Euro Stoxx 600 index.
The investors now await the Eurozone CPI figure, which is likely to show the cost of living in the 17-nation currency bloc dipped in September. The EZ CPI would be followed by the monthly US ADP employment report. Heading into these key reports, the pair is likely to track the sentiment in the major European markets.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1232 (hourly 50-MA), above which the pair could target 1.13 levels. On the other side, support is seen at 1.1212 (hourly 100-MA) and 1.1177 (200-DMA).
(Market News Provided by FXstreet)