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EUR/USD advances further post-ISM, tests 1.0940

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is rapidly gaining ground today, now sending EUR/USD to test fresh highs near 1.0940.

    EUR/USD stronger on US data

    The pair is clinching 3-day highs following mixed results from today’s US docket, where Markit’s Service PMI and Factory Orders have come in short of expectations and the ISM Non-manufacturing has surpassed consensus during February.

    Spot has convincingly broken above the 1.0900 barrier and advanced to fresh peaks near 1.0940 in the wake of the data, in response to an increasing selling interest surrounding the greenback today.

    EUR/USD levels to watch

    The pair is now up 0.50% at 1.0920 facing the next up barrier at 1.1000 (psychological level) ahead of 1.1046 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move). On the flip side, a breakdown of 1.0823 (low Mar.2) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5).
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