EUR/USD Wavers Above 5-DMA ahead of EMU Data
The EUR/USD pair ran through fresh offers once again near 1.1400 levels and dropped sharply towards daily lows, before recovering some ground and now regains 5-DMA at 1.1375.
EUR/USD awaits EMU data
Currently, EUR/USD trades -0.11% lower at 1.1380, having test daily lows reached at 1.1371 in the last hour. The main currency pair remains under pressure and mires in the lower band of today’s trading range as the European stocks took-off higher, while a minor rebound staged by the US dollar across the board, also weighs on the EUR/USD pair. Germany’s DAX is up 0.24%, the UK’s FTSE gains +0.18%, while the pan- European benchmark, the Euro Stoxx 50 advances +0.33%.
Next on tap for EUR traders remain the Euro zone Sentix index, employment data and PPI figures. The euro zone jobless rate was 10.3% in January, and is expected to remain the same in Feb. While from the US docket, the factory orders and LMCI data will be closely eyed for fresh updates on the major. Apart from data, ECB Executive Board member Peter Praet will speak on 'The ECB’s fight against low inflation: reasons and consequences' at Luiss School of European Political Economy in Rome, Italy.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1437/50 (Apr 1 High/ Oct 2015 levels). A break beyond the last, doors will open for a test of 1.1500 (key psychological levels). On the flip side, the immediate support is placed at 1.1350/31 (1h 100-SMA) below which at 1.1287/54 (10-DMA/ 1h 200-SMA) could be tested.
(Market News Provided by FXstreet)
