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EUR/USD drops to 1.1140 as European stocks rebound sharply

FXStreet (Mumbai) - The shared currency ran through fresh sellers versus the American dollar at the European open, dragging EUR/USD to fresh session lows near 1.1150 levels.

EUR/USD eyes 1.1100

The EUR/USD pair trades -0.72% lower at fresh two-day lows of 1.1148, finally breaking the range-trade seen around 1.1170 levels in the late-Asian session. The offered tone around the EUR/USD pair grew bigger after the European stocks rebounded sharply higher at open, improving the risk sentiment heading into the crucial US GDP figures later today.

Stock on the European bourses bounced-back on Friday, after a weak performance seen yesterday and also shrugging-off mixed performance in Asian markets. The pan-European benchmark, the Euro Stoxx 50 rises 1.84% to 3,074 while the German benchmark, the DAX leads its European rivals higher, up nearly 2% at 9,600 points.

EUR/USD remains undermined and meets fresh supply on every attempt to fill in the bearish gap as the buck remains in power across the board, after Fed Chair Yellen indicated a possibility of a rate-hike later this year in the overnight trades.

Meanwhile, focus now turns towards the third estimate of the Q2 GDP data from the US due later in the NY session as the EUR calendar remains data-quiet with nothing relevant on the cards.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1232 (Today’s High), above which gains could be extended to 1.1296 (Sept 24 High) levels. On the flip side, support is seen at 1.1120 (Sept 7 Low) below which it could extend losses to 1.1103 (Sept 23 Low) levels.

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