EUR/USD: Bulls defeated at 1.14, reverts to 1.1380

By FXStreet FXStreet (Mumbai) – A fresh bout of buying interest around the EUR/USD pair faded just few pips shy of 1.14 handle in last hours, with the major now reverting to H1 S1 located at 1.1377 levels.

EUR/USD capped below 1.1400

The EUR/USD pair trades 0.21% higher at 1.1383, unable to extend beyond 1.1400 hurdle. The major eased-off fresh multi-week highs reached at 1.1397 and is now seen gathering in a bid to retest 1.14 barrier.

The EUR/USD rally was triggered by renewed selling wave in the European stocks, driving the DAX also into losses for a brief time. However, the European indices appear to have found bottom and are now paring losses, with the DAX back in the green zone.

The pan-European benchmark, the Euro Stoxx drops -0.20% to 3,243, recovering from 3,230 lows while the DAX flipped to gains and trades +0.21% at 10,117, having struck lows at 10,083.

However, the major holds near multi-week peaks as the recent comments from ECB Coeure also boosted the shared currency across the board. ECB’s policymaker Benoit Coeure noted that it’s too early to decide on the further QE expansion.

The main currency pair is likely to track the sentiment on the European indices amid a …read more

Source:: FX Street