FXStreet (Mumbai) – The single currency recovered losses and swung back in to gains versus the US dollar in the European trades, keeping EUR/USD steady above 1.1070 levels. The major poses a weak recovery on Thursday while awaiting US NFP data and Sunday’s referendum in Greece.
EUR/USD recovers from 1.1048
The EUR/USD pair trades 0.19% at 1.1074, attempting a bounce towards 1.1100. The major erased losses and reclaimed the upper band of 1.10 handle as traders continue to evaluate the ongoing releases of Greek headlines while gearing up for the key NFP event from US later today.
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While EUR traders also remain supported ahead of European Central Bank’s (ECB) minutes release of the June 3 meeting later this session. Moreover, markets also await ECB President Mario Draghi and ECB Executive Board member Yves Mersch remarks at the T2S launch celebration organized by the ECB in Milan, Italy.
Analysts at Commerzbank noted, “in view of the situation in the Euro zone it seems unlikely that EUR will appreciate any time soon.”
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1100 levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.1030 below which it could extend losses to 1.0953 (June 29 Low) levels.
(Market News Provided by FXstreet)