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EUR/USD unmoved by German data, Stoxx 50 futures open lower

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Contract in German retail sales failed to move EUR/USD pair, which trades on a weaker note around 1.1315 levels amid weak action in the European equity futures.

    Three-day winning streak at risk

    Spot has been on a three-day winning streak largely due to falling Fed rate hike bets and the resulting broad based sell-off in the USD. Moreover, even the rally in equities this week has failed to keep the common currency on a back foot.

    The pan-European Euro Stoxx 50 futures are down 0.20% in early trading, but are having no effect on the EUR/USD pair. Ahead in the day, ECB accounts are due for release along with initial jobless claims in the US and Fed speak.

    EUR/USD Technical Levels

    The immediate support is seen at 1.1293 (23.6% of May 2014-Mar 2015 drop), under which the spot could test 1.1259 (5-DMA). On the higher side, a violation at Mar 17 high of 1.1342 would expose 1.1376 (Feb 11 high).
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