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EUR/USD keeps highs near 1.0880 on data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The common currency keeps the buoyant tone on Thursday, lifting EUR/USD to test fresh lows in the 1.0880 area.

    EUR/USD firmer post-EMU releases

    The buying interest around EUR remains firm today after Services PMI in Germany and the euro area have bettered the preliminary readings for the month of February. Adding to the upbeat sentiment around the pair, EMU’s Retail Sales have surpassed initial forecasts during January, expanding 0.4% on a monthly basis and 2.0% over the last twelve months.

    With releases in Euroland now out of the way, the US docket will take the driver’s seat, with Initial Claims, Factory Orders and the ISM Non-manufacturing all expected later in the NA session.

    EUR/USD levels to watch

    The pair is now up 0.13% at 1.0880 facing the next up barrier at 1.0925 (100-day sma) 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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