26 Mar 2015
EUR/USD eyes 1.10 ahead of German data
FXStreet (Mumbai) - EUR/USD continues its uptrend towards 1.10 handle in the late Asian session following weaker US dollar after miserable durable goods data continue to drag the greenback lower.
EUR/USD hovers around 1.0984
The EUR/USD trades higher by 0.15% at 1.0987 levels, retreating from fresh session highs posted at 1.0994 some minutes ago. EUR/USD extends gains in another run for 1.10 handle as the shared currency remains underpinned by the recent series of upbeat Euro zone data including PMI readings and German Ifo numbers as traders now await fresh incentives from the session ahead.
European macro figures have been slowly improving in the recent months, while the same can't be said about US macro data, which have been slowly deteriorating. Considering the heavy dollar positioning and a dovish Fed, there might be a short-term rally on the pair, targeting levels around 1.15 beyond a sustained break above 1.10.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1017 (March 25 High) levels, above which gains could be extended to 1.1050 levels. On the flip side, support is seen at 1.0960 (Today’s Low) levels, below which it could extend losses to 1.0900 levels.
EUR/USD hovers around 1.0984
The EUR/USD trades higher by 0.15% at 1.0987 levels, retreating from fresh session highs posted at 1.0994 some minutes ago. EUR/USD extends gains in another run for 1.10 handle as the shared currency remains underpinned by the recent series of upbeat Euro zone data including PMI readings and German Ifo numbers as traders now await fresh incentives from the session ahead.
European macro figures have been slowly improving in the recent months, while the same can't be said about US macro data, which have been slowly deteriorating. Considering the heavy dollar positioning and a dovish Fed, there might be a short-term rally on the pair, targeting levels around 1.15 beyond a sustained break above 1.10.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1017 (March 25 High) levels, above which gains could be extended to 1.1050 levels. On the flip side, support is seen at 1.0960 (Today’s Low) levels, below which it could extend losses to 1.0900 levels.