EUR/USD: Gains capped by 1.1150, Greece-ECB repayment looms

FXStreet (Mumbai) - The shared currency is seen consolidating to the upside versus the American dollar in the early European trades, with EUR/USD keeping range below 1.1150 levels, as the greenback remains undermined against its major competitors as Wednesday’s FOMC minutes lacked clear Sept rate hike bias. While attention now turns to the key Greece’s debt repayment to the ECB due today.

EUR/USD supported above 1.1100

The EUR/USD pair trades 0.12% higher at 1.1133, retreating from session highs reached at 1.1148 levels. The main currency pair extends its side trend from Asia as the traders continue to digest the latest Fed minutes.

The FOMC minutes was widely viewed as dovish, offering little hint on the timing of the rate hike while raising concerns over softer price pressures in the world’s no.1 economy, which weighed heavily on the US dollar.

Focus now shifts to the looming Greece –ECB repayment due today following successful passage of Greek third bailout package by the German parliament. Greece is scheduled to honor a big €3.5 billion bond repayment to the European Central Bank (ECB).

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1148 (Today’s High) levels, above which gains could be extended to 1.1188 (Aug 14 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1079 (Aug 13 Low).

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