24 Mar 2015
EUR/USD eyes 1.0900 ahead of EZ data
FXStreet (Mumbai) - EUR/USD fell back in red in the European morning, in another run to test 1.09 handle, largely on a strong pull back seen in the US dollar across the board, while traders now await a series of manufacturing and services PMI reading across the Euro area economies due later in the session.
EUR/USD drops from 1.0944
The EUR/USD now fell by -0.24% at 1.0919 levels, having failed to breach daily highs at 1.0953 levels. EUR/USD resumed its downtrend mainly driven by sudden rebound in the greenback versus its major peers. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, rebounded to 97.44, recording a 0.24% gain on the day.
While traders now switch their focus on a raft of manufacturing and services PMIs on today's euro zone schedule, with expectations of a slight improvement, which is expected to play in favour of the shared currency.
Meanwhile, US CPI data will also draw all 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 1.0953 (Today’s High) levels, above which gains could be extended to 1.10 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 drops from 1.0944
The EUR/USD now fell by -0.24% at 1.0919 levels, having failed to breach daily highs at 1.0953 levels. EUR/USD resumed its downtrend mainly driven by sudden rebound in the greenback versus its major peers. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, rebounded to 97.44, recording a 0.24% gain on the day.
While traders now switch their focus on a raft of manufacturing and services PMIs on today's euro zone schedule, with expectations of a slight improvement, which is expected to play in favour of the shared currency.
Meanwhile, US CPI data will also draw all 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 1.0953 (Today’s High) levels, above which gains could be extended to 1.10 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.