EUR/USD clinches 1.14 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD regained the 1.14 handle on Monday following a poor release from US Factory Orders.

    EUR/USD challenges highs above 1.14

    Spot kept the buoyant tone after US Factory Orders have contracted 1.7% MoM in February, matching estimates albeit reverting January’s 1.2% gain; excluding Transportation, Orders have also disappointed markets, dropping 0.8% MoM from previous 0.6% contraction.

    Further data saw the Fed’s Labour Market Conditions Index at -2.1 vs. 1.5 forecasted and -2.5 previous.

    After bottoming out near 1.1360 in early trade, the pair managed to pull itself together and recover the 1.14 handle, closer to overnight highs around 1.1410.

    EUR/USD levels to watch

    The pair is now up 0.04% at 1.1397 and a break above 1.1437 (2016 high Apr.1) would open the door to 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the flip side, the immediate support lines up at 1.1291 (23.6% Fibo of 1.0820-1.1437) ahead of 1.1235 (20-day sma) and finally 1.1142 (low Mar.24).
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