28 Apr 2015
EUR/USD pushes higher after US data
FXStreet (Córdoba) - EUR/USD picked up momentum and pushed to fresh highs following the release of a series of disappointing of US data.
US consumer confidence deteriorated in April, with the Conference board index falling to 95.2 versus 102.5 expected and 101.3 scored the previous month. Meanwhile, the Richmond Fed manufacturing index came in below expectations at -3 from -8 in March.
The dollar weakened further after data, sending EUR/USD to its highest level in 3 weeks at 1.0978. At time of writing, the pair is trading at 1.0970, recording a 0.74% gain on Tuesday.
Worries that the US economy is slowing in the light of a series of disappointing US data have pushed away expectations of a June lift-off, weighing on the dollar over the last weeks.
The Federal Reserve concludes its 2-day policy meeting on Wednesday. Investors will be closely watching the wording of the FOMC for clues about the timing of a rate hike.
EUR/USD levels to watch
As for technical levels, EUR/USD could find immediate resistances at 1.1000 (psychological level) and 1.1035 (Apr 6 high). On the flip side, supports are seen at 1.0860 (daily low) and 1.0819 (Apr 27 low).
US consumer confidence deteriorated in April, with the Conference board index falling to 95.2 versus 102.5 expected and 101.3 scored the previous month. Meanwhile, the Richmond Fed manufacturing index came in below expectations at -3 from -8 in March.
The dollar weakened further after data, sending EUR/USD to its highest level in 3 weeks at 1.0978. At time of writing, the pair is trading at 1.0970, recording a 0.74% gain on Tuesday.
Worries that the US economy is slowing in the light of a series of disappointing US data have pushed away expectations of a June lift-off, weighing on the dollar over the last weeks.
The Federal Reserve concludes its 2-day policy meeting on Wednesday. Investors will be closely watching the wording of the FOMC for clues about the timing of a rate hike.
EUR/USD levels to watch
As for technical levels, EUR/USD could find immediate resistances at 1.1000 (psychological level) and 1.1035 (Apr 6 high). On the flip side, supports are seen at 1.0860 (daily low) and 1.0819 (Apr 27 low).