24 Mar 2015
EUR/USD flattish around 1.0940, EZ data eyed
FXStreet (Mumbai) - EUR/USD erased losses from the Asian session and trades flat heading towards fresh highs ahead of Europe open as traders now gear up for a series of manufacturing and services PMI reading across the Euro area economies due later in the session.
EUR/USD bounces-off 1.09
The EUR/USD now trades flat at 1.0944 levels, recovering from day’s lows previously posted at 1.0904 levels. EUR/USD reversed previous losses and remained muted largely on a pullback in the US dollar across the board. While traders now switch their focus on a raft of manufacturing and services PMIs on today's euro zone schedule, with expectations of a slight improvement, which would play in favour of the shared currency.
Moreover, the EUR/USD pair also remains supported on ECB Draghi’s optimistic comments, stating that the fresh stimulus, along with the depreciating euro and falling crude oil prices, are expected to help with the economic recovery in the euro area.
Meanwhile, US CPI data will also draw all attention coupled with Greek Prime Minister Tsipras visit to Berlin, which definitely puts volatility into headline risk.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0953 (Today’s 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 bounces-off 1.09
The EUR/USD now trades flat at 1.0944 levels, recovering from day’s lows previously posted at 1.0904 levels. EUR/USD reversed previous losses and remained muted largely on a pullback in the US dollar across the board. While traders now switch their focus on a raft of manufacturing and services PMIs on today's euro zone schedule, with expectations of a slight improvement, which would play in favour of the shared currency.
Moreover, the EUR/USD pair also remains supported on ECB Draghi’s optimistic comments, stating that the fresh stimulus, along with the depreciating euro and falling crude oil prices, are expected to help with the economic recovery in the euro area.
Meanwhile, US CPI data will also draw all attention coupled with Greek Prime Minister Tsipras visit to Berlin, which definitely puts volatility into headline risk.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0953 (Today’s 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.