EUR/USD pulls away from 2-week lows

The EURUSD slipped to 1.0642 and touched the lowest level since March 15 during the first half of the NA session. However, the pair was able to quickly recover its daily losses as the US Dollar Index struggled to stay above 100.50.

The 10-year U.S. Treasury yield, following a drop to the lowest level since February at 2.333%, is now at 2.352%, down 1.9% on the day, making it tough for the greenback to gather strength against its rivals.

Today's macro data from the United States today failed to get attention from the participants as they didn't provide a clear picture. With no economic data left in the remainder of the day, the focus will be on Philadelphia Fed President Patrick Harker's and Richmond Fed President Jeffrey Lacker's statements. 

• US: Manufacturing growth slows to six-month low in March - Markit

Technical outlook

As of writing, the EUR/USD pair is up 0.14% at 1.0670 facing the first resistance at 1.0700 (psychological level) followed by 1.0740 (20-DMA) and 1.0800 (psychological level). On the downside, the immediate short term support sits at 1.0630 (100-DMA) before 1.0535 (Mar. 8 low) and 1.0500 (psychological level).

• Differential in interest rates points to the EUR/USD falling back - Natixis
• EUR/USD outlook still bearish near term – Scotiabank