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11 Mar 2015
EUR/USD drops below 1.06
FXStreet (Mumbai) - The market continues to sell the Euros aggressively, taking the EUR/USD pair below 1.06 levels. The pair hit a low of 1.0598 levels and hovers at 1.0602 levels. The weakness in the Eurozone bond yields weighs over the shared currency.
EUR weakens as bond yields hit record lows
The shared currency weakened across the board as the bond yields in the Eurozone hit record lows. The German 10-year yield fell to a record low of 0.198% earlier today. The German yield curve sees negative yields on bonds till 7-year maturity.
Meanwhile, Draghi’s comments today did little to support the single currency. The pair could drop below 1.06 levels if the bond yields across the Eurozone continue to hit record lows.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.0636, above which gains could be extended to 1.0664 levels. On the other hand, the pair could drop to 1.0550 levels if it sustains below 1.06.
EUR weakens as bond yields hit record lows
The shared currency weakened across the board as the bond yields in the Eurozone hit record lows. The German 10-year yield fell to a record low of 0.198% earlier today. The German yield curve sees negative yields on bonds till 7-year maturity.
Meanwhile, Draghi’s comments today did little to support the single currency. The pair could drop below 1.06 levels if the bond yields across the Eurozone continue to hit record lows.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.0636, above which gains could be extended to 1.0664 levels. On the other hand, the pair could drop to 1.0550 levels if it sustains below 1.06.