24 Mar 2015
EUR/USD remains elevated around 1.0980 post EMU data
FXStreet (Mumbai) - EUR/USD remains lifted close to 1.10 barrier in the mid-European session, as the shared currency received further boost against the US dollar after the EMU manufacturing and services PMIs also came well above market estimates following upbeat German data
EUR/USD bounces-off 1.10
The EUR/USD trades 0.37% at 1.0990 levels, in a bid to retest 1.10 handle. EUR/USD trades just shy of 1.10 handle as better than expected EMU PMI readings also kept the euro underpinned versus the US dollar, once again confirming a modest recovery taking shape in Europe, supported by the softer euro, lower oil prices and the QE program recently kicked off by the European Central Bank (ECB).
The flash manufacturing PMI for the euro zone rose further to 51.9 points in March, up from 51.0 in February, a ten-month maximum, against expectations of a higher reading of 51.6.
Moreover, resumption of US dollar downslide also adds to the uptrend in the EUR/USD. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies fell to 96.95, recording a- 0.26% loss on the day.
Meanwhile, US CPI data is likely to draw all the attention coupled with Greek Prime Minister Tsipras visit to Berlin, which definitely puts volatility into headline risk.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1033 (March 18 High) levels, above which gains could be extended to 1.11 levels. On the flip side, support is seen at 1.0904 (Today’s Low) levels, below which it could extend losses to 1.0850 levels.
EUR/USD bounces-off 1.10
The EUR/USD trades 0.37% at 1.0990 levels, in a bid to retest 1.10 handle. EUR/USD trades just shy of 1.10 handle as better than expected EMU PMI readings also kept the euro underpinned versus the US dollar, once again confirming a modest recovery taking shape in Europe, supported by the softer euro, lower oil prices and the QE program recently kicked off by the European Central Bank (ECB).
The flash manufacturing PMI for the euro zone rose further to 51.9 points in March, up from 51.0 in February, a ten-month maximum, against expectations of a higher reading of 51.6.
Moreover, resumption of US dollar downslide also adds to the uptrend in the EUR/USD. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies fell to 96.95, recording a- 0.26% loss on the day.
Meanwhile, US CPI data is likely to draw all the attention coupled with Greek Prime Minister Tsipras visit to Berlin, which definitely puts volatility into headline risk.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1033 (March 18 High) levels, above which gains could be extended to 1.11 levels. On the flip side, support is seen at 1.0904 (Today’s Low) levels, below which it could extend losses to 1.0850 levels.