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EUR/USD little changed after US import price index data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair paid little attention to the better-than-expected US import price index figure and continues to trade around 1.1115 (50% of 1.1714-1.0517).

    Awaits US opening bell

    Feb import prices dropped -0.3% in Feb after 1.0% drop in Jan, but the actual figure was slightly better-than-expected print of -0.5%. However, the data was ignored as traders wait to see if US stock markets follow European indices higher.

    Euro came under pressure in early Europe after stock markets opened on a positive note and extended gains as the day progressed. At the time of writing, US index futures were pointing to risk-on trading, which usually weighs over funding currencies like EUR.

    EUR/USD Technical Levels

    The immediate support is seen at 1.1115 (50% of 1.1714-1.0517), under which the pair could drop to 1.1086 (Feb 8 low), which if taken out would expose 1.1045 (200-DMA). On the other hand, a break above 1.1173 (23.6% of 1.0517-1.1376) could see the pair re-test 1.1218 (previous day’s high). A break higher would expose 1.1296 (23.6% of May 2014 high-Mar 2015 low).
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