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EUR/USD keeps the red post-US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The European currency keeps the negative note vs. its American peer on Thursday, taking EUR/USD to the 1.1160/65 band for the time being.

    EUR/USD muted on US releases

    Spot kept the composure after US Durable Goods Orders have contracted less than expected 2.8% during February, reverting January’s 4.2% expansion. Core orders instead have dropped more than estimated 1.0%, down from the previous 1.2% gain.

    Further data showed Initial Claims at 265K, leaving the 4-Week Average practically unchanged near 259.8K.

    Next on tap will be Services PMI ahead of tomorrow’s key Q4 GDP figures.

    EUR/USD levels to watch

    The pair is now retreating 0.12% at 1.1168 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1084 (20-day sma) and finally 1.1041 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).

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