EUR/USD Muted Post-US PMI, Around 1.1160

EUR/USD Muted Post-US PMI, Around 1.1160

24 March 2016, 15:22
Roberto Jacobs

EUR/USD Muted Post-US PMI, Around 1.1160

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).

(Market News Provided by FXstreet)

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