17 Feb 2015
EUR/USD resilient even though Eurogroup talks fail
FXStreet (Mumbai) - The shared currency recovered losses, taking the EUR/USD pair higher to 1.1351 levels from the low of 1.1322. The Eurogroup talks failed to reach a deal yesterday, despite which the losses in the EUR/USD pair have been moderate.
Stuck between Fibonacci levels
The pair fell below 38.2% retracement level (uptrend 1.1097-1.1533) at 1.1366 following the breakdown of the Eurogroup talks. However, the losses were restricted closer to 50% retracement at 1.1316. Moreover, the recovery seen today halted at 1.1366. Thus, the pair finds itself trapped between the 38.2% and 50% retracement levels of 1.1366 and 1.1316.
The breakout could be seen post the release of the Zew survey readings for Germany and Eurozone. The German Zew economic sentiment index for February is seen rising to 55.00 from January’s 48.4. An upbeat could trigger upside breakout although, gains may be restricted due to the standoff between Greece and its international creditors.
EUR/USD Technical Levels
The pair currently trades at 1.1357; up 0.02% for the day. The immediate support is seen at 1.1316, under which losses could be extended to 1.1263 levels. On the flip side, a rise above 1.1366, could push the pair higher to 1.1429 levels.
Stuck between Fibonacci levels
The pair fell below 38.2% retracement level (uptrend 1.1097-1.1533) at 1.1366 following the breakdown of the Eurogroup talks. However, the losses were restricted closer to 50% retracement at 1.1316. Moreover, the recovery seen today halted at 1.1366. Thus, the pair finds itself trapped between the 38.2% and 50% retracement levels of 1.1366 and 1.1316.
The breakout could be seen post the release of the Zew survey readings for Germany and Eurozone. The German Zew economic sentiment index for February is seen rising to 55.00 from January’s 48.4. An upbeat could trigger upside breakout although, gains may be restricted due to the standoff between Greece and its international creditors.
EUR/USD Technical Levels
The pair currently trades at 1.1357; up 0.02% for the day. The immediate support is seen at 1.1316, under which losses could be extended to 1.1263 levels. On the flip side, a rise above 1.1366, could push the pair higher to 1.1429 levels.