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EUR/USD muted post-US PMI, around 1.1160

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Nothing new around EUR/USD following today’s Services PMI in the US economy, keeping the negative ground in the 1.1160/50 band so far.

    EUR/USD now looks to US Q4 GDP

    The pair kept the composure after flash US Services PMI has returned above the 50.0 threshold once again, coming in at 51.0 for the current month albeit missing expectations at 51.3.

    Spot is now meandering around the middle of the daily range near 1.1160, coming back after failing to sustain a spike to the 1.1190 area following the ECB’s TLTRO result (€7.3 billion).

    Next of relevance for the pair will be tomorrow’s Q4 GDP figures in the US economy, expected at 1.0%.

    EUR/USD levels to watch

    The pair is now retreating 0.18% at 1.1161 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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