25 Mar 2015
EUR/USD extends beyond 1.0950, German Ifo in focus
FXStreet (Mumbai) - EUR/USD remains heavily bid in the European morning ahead of German Ifo Business climate data as markets seem to have already priced-in improved business conditions in Germany, Euro zone’s economic power house, backed by ECB’s QE.
EUR/USD eyes 1.10
The EUR/USD trades higher by 0.29% at 1.0957 levels, retreating from fresh session highs posted at 1.0969 some minutes ago. EUR/USD erased previous losses and climbed higher as the shared currency remains underpinned by the recent series of upbeat PMI reading across the Euro area economies, as traders now await the only data in the EUR economic calendar for further momentum on the pair.
German business morale is expected to extend its rally to an eight month high in March, with the headline Ifo Business Climate Index expected to rise to 107.3 during March, up from the 106.8 seen in February.
Moreover, a softer US dollar across the board further contributes to the upside in EUR/USD pair. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades lower by -0.25% at 97.19.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0973 (March 23 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 eyes 1.10
The EUR/USD trades higher by 0.29% at 1.0957 levels, retreating from fresh session highs posted at 1.0969 some minutes ago. EUR/USD erased previous losses and climbed higher as the shared currency remains underpinned by the recent series of upbeat PMI reading across the Euro area economies, as traders now await the only data in the EUR economic calendar for further momentum on the pair.
German business morale is expected to extend its rally to an eight month high in March, with the headline Ifo Business Climate Index expected to rise to 107.3 during March, up from the 106.8 seen in February.
Moreover, a softer US dollar across the board further contributes to the upside in EUR/USD pair. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades lower by -0.25% at 97.19.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0973 (March 23 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.