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EUR/USD hovers below 1.13 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US dollar is attempting recovery, courtesy of which EUR/USD fell back below 1.13 after data released in the US showed sharp rise in regional manufacturing activity and a smaller-than-expected rise in jobless claims.

    Trades around 23.6% Fibo

    The spot is trading just below 1.1293 (23.6% of May 2014 high – Mar 2015 low). Philly Fed manufacturing index blew past expectations to print at 12.4, while initial jobless claims printed at 265K; which is slightly below estimated figure of 268.

    The data helped greenback to recover few pips, but all in all the currency remains on a weak footing following the dovish Fed. The pair clocked a high of 1.1342 before easing back to near 1.1293 levels.

    EUR/USD Technical Levels

    The spot could target 1.1376 (Feb 11 high), if the immediate hurdle at 1.1342 (daily high) is taken out. On the other hand, a breakdown of immediate support 1.1256 (61.8% of 1.1376-1.0517) would expose 1.12 handle.
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