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EUR/USD drops as European stocks rally

FXStreet (Mumbai) - The bid tone on EUR weakened, making way for a correction in the EUR/USD pair after the European stocks cheered the drop in the Fed rate hike bets.

Offered near 1.15

The spot ran into offers near 1.1495 as the European stocks rallied, with the pan-European blue chip Euro Stoxx 50 index rising 1%. The drop to a session low of 1.1430 also marked a failure to sustain above 1.1475 (161.8% expansion of March low-March high-April low).

Later in the day, the US CPI could alter Fed rate hike bets and sentiment in the stock markets and accordingly influence the EUR/USD pair.

EUR/USD Technical Levels

The immediate support is seen at 1.14, under which the spot could target 5-DMA at 1.1369.a break below the same could see the pair test 10-DMA at 1.1316. On the other side, a break above 1.1475 (161.8% expansion of March low-March high-April low), could see the pair test offers at 1.15 levels.

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