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EUR/USD testing multi-week highs near 1.1440, European stocks extend losses

FXStreet (Mumbai) - The EUR/USD pair halted its corrective slide and recovered losses post European open, as the shared currency was bid on the back of falling European stocks-led risk-aversion in the markets.

EUR/USD turns positive at 1.1436

The EUR/USD pair trades almost unchanged at fresh session highs of 1.1440, testing fresh 3-week highs reached at 1.1442 on Thursday. The main currency pair clinged to the 1.14 handle and now attempts a bounce to reach fresh multi-week peaks amid escalating risk-off moods, as the European indices accelerate losses responding to the Fed’s status-quo.

On Thursday, the EUR/USD pair jumped some 100 pips to fresh three-week highs at 1.1442, as the US dollar was heavily dumped after the Fed kept interest rates on hold for the 55th straight meeting, raising serious concerns over lower inflation and global economic uncertainties on the financial markets, stemming from China.

Looking ahead, traders are expected to remain cautious amid a data-dry trading calendar ahead while markets continue to assess the Fed’s decision. While Greek elections scheduled on Sunday will be closely eyed for further cues on the major.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1442 (Sept 17 High), above which gains could be extended to 1.1500 (Psychological) levels. On the flip side, support is seen at 1.1390 (Today’s Low) below which it could extend losses to 1.1361 (Aug 24 Low) levels.

European Monetary Union Current Account s.a came in at €22.6B, above expectations (€21.3B) in July

European Monetary Union Current Account s.a came in at €22.6B, above expectations (€21.3B) in July
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EUR/GBP recovers as Euro Stoxx drops

The bid tone on the EUR recovered, helping the EUR/GBP pair trim losses and move back to 0.7330 on signs of risk aversion in the European equity markets.
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