FXStreet (Mumbai) – The shared currency trades in a flat-lining versus the American dollar in the early European morning, with EUR/USD hovering near session lows near 1.0950. The main currency pair wiped out previous gains and trades flat awaiting fresh incentives from the upcoming German retail volumes data due for release shortly.
EUR/USD drops from 1.0966
The EUR/USD pair trades flat at 1.0947, retreating from fresh session highs at 1.0966 reached in last hours. EUR/USD trades muted squeezed between a minor US dollar recovery on upbeat pending home sales while Greece headlines which varied from almost a deal announcement to rather a cold shower from several European Union officials continues to weigh on the single currency.
The major highlight for today’s trading is likely to be the US Q1 GDP numbers scheduled to be released later in the NA session. Markets are now predicting a 0.8% annualized contraction in economic output in the three months to March.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0984 (May 26 High) levels, above which gains could be extended to 1.1012 (May 25 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0862 (May 26 Low) levels.
(Market News Provided by FXstreet)