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27 Mar 2015
EUR/USD steadies below 1.09
FXStreet (Mumbai) - EUR/USD resumes its downtrend in the early European morning, bringing an end to its choppy trend from Asia, as the USD bulls jump back on track supported by weekly jobless claims and an improvement in the services sector released in US last session.
EUR/USD rejected at 1.09
The EUR/USD trades lower by -0.13% at 1.0870 levels, having posted day’s high at 1.0896 and day’s low at 1.0863 so far. EUR/USD consolidated previous losses below 1.09 handle in Asian trading and slipped into red ahead of Europe open largely on the back of renewed strength seen in the US dollar across the board, riding higher on the wave of yesterday’s upbeat US macro data.
Initial jobless claims in US decreased to 282,000 in the week ended March 20, from 291,00 previously.
Moreover, Markit's PMI services jumped to the highest level since last October at 58.6 points in March, beating the estimate of 57.0, an increase from the 57.1 in January.
Meanwhile, traders now eagerly await crucial US GDP data amid absolutely no data from Eurozone in the day ahead. The US Q4 GDP numbers are expected to come in at a 2.4% annual rate but down from the spectacular 5% in Q3.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0900 levels, above which gains could be extended to 1.0973 (March 22 High) levels. On the flip side, support is seen at 1.0863 (Today’s Low) levels, below which it could extend losses to 1.0800 levels.
EUR/USD rejected at 1.09
The EUR/USD trades lower by -0.13% at 1.0870 levels, having posted day’s high at 1.0896 and day’s low at 1.0863 so far. EUR/USD consolidated previous losses below 1.09 handle in Asian trading and slipped into red ahead of Europe open largely on the back of renewed strength seen in the US dollar across the board, riding higher on the wave of yesterday’s upbeat US macro data.
Initial jobless claims in US decreased to 282,000 in the week ended March 20, from 291,00 previously.
Moreover, Markit's PMI services jumped to the highest level since last October at 58.6 points in March, beating the estimate of 57.0, an increase from the 57.1 in January.
Meanwhile, traders now eagerly await crucial US GDP data amid absolutely no data from Eurozone in the day ahead. The US Q4 GDP numbers are expected to come in at a 2.4% annual rate but down from the spectacular 5% in Q3.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0900 levels, above which gains could be extended to 1.0973 (March 22 High) levels. On the flip side, support is seen at 1.0863 (Today’s Low) levels, below which it could extend losses to 1.0800 levels.