18 Feb 2015
EUR/USD sustains above 38.2% Fib level
FXStreet (Mumbai) - The EUR/USD pair managed to sustain above the 38.2% retracement level of 1.1098 to 1.1533 located at 1.1366 levels amid the Greece’s debt drama and weaker-than-expected US data.
Weak US data capping losses in the EUR/USD pair
The housing data and the Industrial production data in the US were weaker-than-expected, which capped losses in the EUR/USD pair around 1.1366 levels. The industrial production expanded 0.2% in January, missing the estimate of 0.3%. Earlier today, the housing starts and building permits printed lower than the market expectation. Increased possibility of Greece extending its loan agreement with its creditors could have supported gains in the EUR. However, the expectation of the hawkish Fed minutes is weighing over the pair.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1382 (hourly 50-SMA) and 1.1410 levels. On the flip side, a break below 1.1366 could push the pair down to 1.1318 levels.
Weak US data capping losses in the EUR/USD pair
The housing data and the Industrial production data in the US were weaker-than-expected, which capped losses in the EUR/USD pair around 1.1366 levels. The industrial production expanded 0.2% in January, missing the estimate of 0.3%. Earlier today, the housing starts and building permits printed lower than the market expectation. Increased possibility of Greece extending its loan agreement with its creditors could have supported gains in the EUR. However, the expectation of the hawkish Fed minutes is weighing over the pair.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1382 (hourly 50-SMA) and 1.1410 levels. On the flip side, a break below 1.1366 could push the pair down to 1.1318 levels.