25 Mar 2015
EUR/USD stuck in range above 1.09, German data eyed
FXStreet (Mumbai) - EUR/USD continues to trade around a flat line ahead of the European opening below, supported well above 1.09 handle, as traders await German Ifo Business climate data for fresh cues on the major.
EUR/USD retreats from 1.0938
The EUR/USD trades flat at 1.0925 levels, having previously posted day’s high at 1.0938 and day’s low at 1.0904 levels. EUR/USD extends its choppy trend in the European morning, although 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 muted US dollar also failed to provide any impetus to the EUR/USD pair. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades flat at 97.39. Meanwhile, German Ifo and US consumer goods data are likely to draw all the attention and set a clear direction for the main currency pair.
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 retreats from 1.0938
The EUR/USD trades flat at 1.0925 levels, having previously posted day’s high at 1.0938 and day’s low at 1.0904 levels. EUR/USD extends its choppy trend in the European morning, although 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 muted US dollar also failed to provide any impetus to the EUR/USD pair. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades flat at 97.39. Meanwhile, German Ifo and US consumer goods data are likely to draw all the attention and set a clear direction for the main currency pair.
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.