24 Mar 2015
EUR/USD recovers losses ahead of Flash PMI reports
FXStreet (Mumbai) - The EUR/USD pair has recovered losses to trade at 1.0948 levels ahead of the flash PMI reports in France, Germany and Eurozone.
EUR could gain on upbeat PMI reports
Economists expect the flash PMI report to highlight the recovery in the Eurozone economy. Moreover, the weak Euro, coupled with low rates is likely to have led to an improvement in the business activity. An upbeat number would confirm the ECB President Draghi’s view that the recovery is gaining momentum in the Eurozone.
Apart from the Eurozone PMI reports, the pair would also be influenced by the monthly inflation number in the US due for release later today.
EUR/USD Technical Levels
The immediate support is seen at 1.0896, under which losses could be extended to 1.0840 (5-DMA). On the flip side, a break above 1.10 could open doors for a re-test of 1.1033 levels.
EUR could gain on upbeat PMI reports
Economists expect the flash PMI report to highlight the recovery in the Eurozone economy. Moreover, the weak Euro, coupled with low rates is likely to have led to an improvement in the business activity. An upbeat number would confirm the ECB President Draghi’s view that the recovery is gaining momentum in the Eurozone.
Apart from the Eurozone PMI reports, the pair would also be influenced by the monthly inflation number in the US due for release later today.
EUR/USD Technical Levels
The immediate support is seen at 1.0896, under which losses could be extended to 1.0840 (5-DMA). On the flip side, a break above 1.10 could open doors for a re-test of 1.1033 levels.