Despite a Minor Pull-Back, EUR/USD Seems to Reclaim 1.1400 Mark
Despite a Minor Pull-Back, EUR/USD Seems to Reclaim 1.1400 Mark
Better-than-expected German employment number provided a mild up-tick for the EUR/USD pair, which rose to session high of 1.1368 before retracing back below 1.1350 level.
According
to a report, released just a while ago, the number of unemployed people
in Germany fell by 16,000 during the month of March as against expected
rise of 1,000. Traders, however, would await for the release of US GDP
print for the first quarter of 2016 before confirming that the pair has
formed a near-term bottom around 1.1220-15 area.
Technical levels to watch
The
pair has decisively broken through a short-term descending trend-line
resistance near 1.1350 level and hence, could now be eyeing the very
important resistance near 1.1400 round figure mark. A follow-up buying
interest above 1.1400 handle would bring April high of 1.1465 into
picture as the next resistance to clear.
On the downside, the
descending trend-line resistance break-point (1.1350 level) now seems to
act as immediate support. However, major downside support might now
have been shifted to 1.1315-1.1300 area, which was acting as a strong
resistance during the pair's recovery from 1.1220-15 support area.
