FXStreet (Mumbai) – The EUR/USD pair extended losses to hit a low of 1.1182 in the early European session, as the German consumer confidence data dropped in the wake of Greek impasse.
Upbeat German data ignored
The common currency was ditched earlier today at a high of 1.1218 levels as Greek talks failed to end in agreement on Wednesday. The currency pair hovered in the range of 1.12-1205 levels ahead of the German consumer confidence data, which printed lower than expected at 10.1. Consequently, the pair extended losses to hit a low of 1.1182.
Ahead in the day, the markets are likely to remain focused on the Greek issue. The Us personal spending report due in the US could also influence the market’s appetite for the US dollars.
EUR/USD Technical Levels
The pair currently trades around 1.1190, with immediate support located at 1.1178 (161.8% Fib E of 1.1434-1.1291-1.1409), under which the spot could target 1.1228. On the flip side, a break above 1.1218 could see the pair rise to 1.1249 (38.2% Fib R of 1.1434-1.1133).
(Market News Provided by FXstreet)