Common currency stays on a weak footing, keeping the EUR/USD pair below on signs European equities may have a positive start following an extended weekend.
Rejected at 1.1202
Pair turned lower from 1.1202 and now hovers around 1.1185 with eyes set on 1.1173 (23.6% of 1.0517-1.1376) levels. Stoxx 50 futures are up 0.30% in early trade, which indicates the equities across Europe are likely to open on a positive note and that is keeping the funding currency EUR under pressure.
Focus would remain on stock markets action, given the light economic calendar in Europe and US. Later in the NY session, traders would keep an eye on comments from Fed’s Yellen.
EUR/USD Technical Levels
The immediate support is seen at 1.1179 (5-DMA) – 1.1173 (23.6% of 1.0517-1.1376), under which prices could drift lower to 1.1144 (Mar 24 low). On the other hand, a break above 1.1206 (rising trend line hurdle), which if breached shall open doors for 1.1257 (38.2% of 1.1714-1.0517).
(Market News Provided by FXstreet)