Tuesday, September 8, 2015

EUR/USD weakens as Euro Stoxx 600 rallied

FXStreet (Mumbai) - The EUR/USD pair suffered losses in the European session on Tuesday as risk sentiment strengthened with European stocks –Euro Stoxx 600 rallying 2%, following a positive close by Chinese stocks.

Hourly 50-MA put to test

The spot is moving to and fro from the hourly 50-MA located at 1.1159. The common currency was offered at a high of 1.1229 earlier today as the risk-on sentiment strengthened, leading to a rise in the European stocks. The risk assets also cheered the upward revision of the Eurozone Q2 GDP, which ensured the offered tone on the EUR remained intact.

The investors are likely to continue tracking the movement in the equity markets, with more focus on the US equities. The futures are indicating a solid start to trade across the Wall Street.

EUR/USD Technical Levels

The spot currently trades around 1.1160. The immediate resistance is located at the daily high of 1.1229, ahead of the major hurdle at 1.13 levels. On the other side, support is seen at 1.1152 (daily low) and 1.11 levels.
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