7 Aug 2015
EUR/USD capped at 1.0950, recedes to 1.0925
FXStreet (Mumbai) - The single currency faded a spike to session highs versus the US dollar in the mid-European session, now pushing EUR/USD back near the familiar range above 1.09 handle. The major eased off highs as the greenback appears to regain lost ground against its major competitors while traders continue to weigh the latest downbeat German data.
EUR/USD clings to 1.09 handle
The EUR/USD pair trades flat at 1.0924, facing rejection at 1.0950 levels. The bid tone around the EUR/USD pair is almost washed away as the European currency failed to overpower the USD bulls as sluggish German macro news continue to hamper investors’ sentiment.
Industrial output in Germany posted 1.4% negative growth in June after reporting a flat growth in the preceding month, according to Destatis. Market had expected 0.3% growth.
Moreover, the greenback erased losses and jumped back in to the bids amid renewed demand for USD as the focus now shift back towards the crucial US NFP data due later in the day for further momentum.
Today’s payrolls from the US are expected to post 225,000 job adds for July, little changed from the 223,000 jobs in June.
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EUR/USD Technical Levels
The pair has an immediate resistance at 1.0950 (Today’s High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0911 (Today’s Low) below which it could extend losses to 1.0876 (Aug 4 Low).
EUR/USD clings to 1.09 handle
The EUR/USD pair trades flat at 1.0924, facing rejection at 1.0950 levels. The bid tone around the EUR/USD pair is almost washed away as the European currency failed to overpower the USD bulls as sluggish German macro news continue to hamper investors’ sentiment.
Industrial output in Germany posted 1.4% negative growth in June after reporting a flat growth in the preceding month, according to Destatis. Market had expected 0.3% growth.
Moreover, the greenback erased losses and jumped back in to the bids amid renewed demand for USD as the focus now shift back towards the crucial US NFP data due later in the day for further momentum.
Today’s payrolls from the US are expected to post 225,000 job adds for July, little changed from the 223,000 jobs in June.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0950 (Today’s High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0911 (Today’s Low) below which it could extend losses to 1.0876 (Aug 4 Low).