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EUR/USD on the rise as equities dip

FXStreet (Mumbai) - The EUR/USD pair hit a fresh session high of 1.0774 and is pointing upwards as the major European equity futures are pointing to a weak day of trading ahead.

Focus on equities

The spot is likely to remain focused on the action in the equity markets, given the absence of a major market moving data. The stellar NFP released on Friday underscored the ever growing divergence between the Fed and the ECB. However, the EUR could benefit in case the equity markets react negatively to the increased Fed rate hike bets.

At the moment, the bid three futures in Europe – DAX, FTSE and CAC – are trading in losses, while the EUR/USD pair is trading around 1.0771 levels.

EUR/USD Technical Levels

The immediate resistance is located at 1.0808 (July 20 low), above which the gains could be extended to 1.0848 (Aug 5 low). On the lower side, a break below 1.0758 (76.4% of Mar-Aug rally) would open doors for a re-test of Friday’s low at 1.0705.

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