EUR/USD extended its accumulation phase for fourth day in a row, unable to breach the 1.14 barrier and wavers above 1.13 handle.
EUR/USD trades lack lustre
The EUR/USD now trades at 1.1327 levels, down -0.13% on the day, bouncing off day’s high at 1.1351 levels. EUR/USD remains weak below 1.14, despite disappointing US data in the previous session as investors remain wary to create fresh long positions on the euro as they view the rebound in the Euro over last one week as more of short covering rather than a renewed demand for euros.
Moreover, markets are cautious ahead of Greek debt negotiations, a batch of Euro zone data this week and Friday's critical US non-farm payrolls data to gauge the near term trend in the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1369 (Jan 30 High) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1293 (Feb 2 Low) levels, below which it could extend losses to 1.1277 (Jan 30 Low).
EUR/USD trades lack lustre
The EUR/USD now trades at 1.1327 levels, down -0.13% on the day, bouncing off day’s high at 1.1351 levels. EUR/USD remains weak below 1.14, despite disappointing US data in the previous session as investors remain wary to create fresh long positions on the euro as they view the rebound in the Euro over last one week as more of short covering rather than a renewed demand for euros.
Moreover, markets are cautious ahead of Greek debt negotiations, a batch of Euro zone data this week and Friday's critical US non-farm payrolls data to gauge the near term trend in the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1369 (Jan 30 High) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1293 (Feb 2 Low) levels, below which it could extend losses to 1.1277 (Jan 30 Low).
