24 Mar 2015
EUR/USD: 4% gains post Fed, awaits US CPI data
FXStreet (Mumbai) - The EUR/USD pair has strengthened almost 4% post the dovish Fed statement released last week, whiel it is up more than 5% from more than decade low of 1.0461 levels.
EUR/USD: awaits CPI
The pair could extend gains if the data in the US shows the cost of living slowed down further in February. The increased threat of deflation could further delay the interest rate hike in the US, which would support further gains in the EUR/USD pair.
On the other hand, a surprisingly strong US CPI print is likely to strengthen the US dollar. However, the drop could be limited as the EUR remains supported by the upbeat Eurozone PMI reports released earlier today.
EUR/USD Technical Levels
The pair currently trades at 1.0985. The immediate resistance is seen at 1.1033, above which gains could be extended to 1.1121 (50-DMA). On the flip side, support is seen at 1.0902, under which the pair could drop to 5-DMA located at 1.0847.
EUR/USD: awaits CPI
The pair could extend gains if the data in the US shows the cost of living slowed down further in February. The increased threat of deflation could further delay the interest rate hike in the US, which would support further gains in the EUR/USD pair.
On the other hand, a surprisingly strong US CPI print is likely to strengthen the US dollar. However, the drop could be limited as the EUR remains supported by the upbeat Eurozone PMI reports released earlier today.
EUR/USD Technical Levels
The pair currently trades at 1.0985. The immediate resistance is seen at 1.1033, above which gains could be extended to 1.1121 (50-DMA). On the flip side, support is seen at 1.0902, under which the pair could drop to 5-DMA located at 1.0847.