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FXStreet (Mumbai) - The shared currency lost ground versus the greenback in the European morning, knocking-off EUR/USD to fresh session lows, largely as the USD bulls jumped back in to the bids, extending its corrective rally after last week’s broad UD weakness on downbeat US macro releases.
EUR/USD drops from 1.0880
The EUR/USD trades lower by -0.32% at fresh session lows of 1.0840 levels, inching closer to the 1.08 handle. EUR/USD erased entire gains and fell in to losses mainly driven by a fresh bid wave caught by the greenback, pushing the DXY to fresh session highs at 97.32, up 0.24% on the day.
Moreover, diverging monetary policy outlooks between the US and the Europe ahead of Wednesday’s Fed policy meeting keeps the EUR/USD pair pressured while underlying Greece concerns continue to loom.
Meanwhile, markets now shift their attention towards Wednesday’s EUR macro calendar in absence of key EZ data due for releases later in the day and for Tuesday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0901 (April 24 High) levels, above which gains could be extended to 1.0957 (April 7 High) levels. On the flip side, support is seen at 1.0802 (April 7 Low) below which it could extend losses to 1.0783 (April 24 Low) levels.