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EUR/USD trims daily losses after US trade data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD edged slightly higher and continued to move off daily lows following the release of disappointing US trade data.

    US trade deficit widened in February by 2.6% to a 6-month high of 47.06 billion, from 45.88 billion reported in January and larger than the 46.20 billion expected.

    EUR/USD pushed a tad higher and trimmed intraday losses, reaching a high of 1.1380 ahead of the Wall Street opening. At time of writing, the pair is trading at 1.1378, still 0.1% below its opening price.

    Later in the session, main data releases include US non-manufacturing PMIs for March (Markit and ISM) and API’s crude oil stock report.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find next resistances at 1.1412 (Apr 4 high), 1.1437 (Apr 1 high), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high). On the other hand, supports are seen at 1.1343 (Apr 5 low), 1.1334 (Apr 1 low) and 1.1287 (10-day SMA).
    For more information, read our latest forex news.

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