7 Aug 2015
EUR/USD: fresh session highs despite weak data
FXStreet (Mumbai) - The EUR/USD pair rose to a session high of 1.0949 even though industrial production figures across Europe showed a slowdown in the activity.
Cautious tone ahead of NFP
The EUR bulls are on cautious mode ahead of the non-farm payrolls report in the US, since the ultra accommodating ECB makes the single currency most vulnerable to the positive NFP figure. Moreover, a positive NFP figure today would further strengthen September rate hike expectations.
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The Euro managed to post modest gains even though the industrial production in Germany and France contracted. Moreover, the EUR bulls could have cheered the uptick in Spanish industrial production. The spot currently trades around 1.0940.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0964 (50% of Mar-May rally), followed by a major hurdle at 1.10 handle. On the other hand, support is seen at 1.09 and 1.0848 (Aug 5 low).
Cautious tone ahead of NFP
The EUR bulls are on cautious mode ahead of the non-farm payrolls report in the US, since the ultra accommodating ECB makes the single currency most vulnerable to the positive NFP figure. Moreover, a positive NFP figure today would further strengthen September rate hike expectations.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
The Euro managed to post modest gains even though the industrial production in Germany and France contracted. Moreover, the EUR bulls could have cheered the uptick in Spanish industrial production. The spot currently trades around 1.0940.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0964 (50% of Mar-May rally), followed by a major hurdle at 1.10 handle. On the other hand, support is seen at 1.09 and 1.0848 (Aug 5 low).