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10 Apr 2015
EUR/USD continues to slide
FXStreet (Mumbai) - The EUR continues to be offered in the early European session, taking the EUR/USD pair lower to a fresh session low of 1.0605.
Fifth consecutive session of losses, poised for weekly loss
The pair weakened for the fifth consecutive session today and appears poised for a weekly loss of more than 300 pips. The pair topped out at 1.1034 earlier this week, after which the pair witnessed a sell-off amid increased expectations of a rate hike in the US this year.
The technical sellers also appeared to have joined the party after analysts called a double top in the EUR/USD pair. The weekly loss is more or less confirmed for a 300-350 pip recovery before the New York close looks difficult.
EUR/USD Technical Levels
The pair currently trades at 1.0615. The immediate support is seen at 1.06, under which losses could be extended to 1.05. On the flip side, a break above 1.0636, could see the pair re-test 1.0682.
Fifth consecutive session of losses, poised for weekly loss
The pair weakened for the fifth consecutive session today and appears poised for a weekly loss of more than 300 pips. The pair topped out at 1.1034 earlier this week, after which the pair witnessed a sell-off amid increased expectations of a rate hike in the US this year.
The technical sellers also appeared to have joined the party after analysts called a double top in the EUR/USD pair. The weekly loss is more or less confirmed for a 300-350 pip recovery before the New York close looks difficult.
EUR/USD Technical Levels
The pair currently trades at 1.0615. The immediate support is seen at 1.06, under which losses could be extended to 1.05. On the flip side, a break above 1.0636, could see the pair re-test 1.0682.