FXStreet (Mumbai) - The EUR/USD rose to a fresh session high of 1.1575 as risk averse sentiments strengthened further after the US tech index futures Nasdaq fell 5% and hit the circuit breaker.
Revisiting daily highs
The spot currently trades around 1.1570 and is within a touching distance from the session high of 1.1542. The common currency is one of the major beneficiaries of the meltdown in the stocks and the resulting unwinding of risk-on carry trades.
The risk averse tone just got more pronounced as Nasdaq futures tanked 5%, hitting the circuit breaker. The trading was halted for 5-minutes, which is usually done after the index hits circuit breakers.
The markets now look towards Fed’s Lockart speech. Hawkish comments could actually stabilize the markets as it would mean the story of the US economic recovery is resilient to the external shocks – China
Revisiting daily highs
The spot currently trades around 1.1570 and is within a touching distance from the session high of 1.1542. The common currency is one of the major beneficiaries of the meltdown in the stocks and the resulting unwinding of risk-on carry trades.
The risk averse tone just got more pronounced as Nasdaq futures tanked 5%, hitting the circuit breaker. The trading was halted for 5-minutes, which is usually done after the index hits circuit breakers.
The markets now look towards Fed’s Lockart speech. Hawkish comments could actually stabilize the markets as it would mean the story of the US economic recovery is resilient to the external shocks – China
EUR/USD Technical Levels
The immediate support is seen at 1.1420 (daily low), under which the spot could drop to 1.1334 (200-DMA). On the other hand, resistance is seen at 1.16 and 1.1651 (Jan 22 high).
The immediate support is seen at 1.1420 (daily low), under which the spot could drop to 1.1334 (200-DMA). On the other hand, resistance is seen at 1.16 and 1.1651 (Jan 22 high).
| News provided by: |  |
No comments:
Post a Comment