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The positive momentum of the greenback continues amid further recoveries in market's mood, sending EUR/USD close to the 1.2200 threshold.
Technically, the pair has gained further downward strength, as in the 4 hours chart, it moved further below a bearish 20 SMA, acting as a dynamic resistance at around 1.2280, while technical indicators gained bearish strength within negative territory. The pair has scope to extend its decline toward the 1.2200/10 region, with a break below it exposing 1.2160.
Support levels: 1.2200 1.2160 1.2120
Resistance levels: 1.2280 1.2310 1.2340
2. Fundamental Overview The EUR/USD has reached a lower low for the day of 1.2235, a level last seen on March 1st, with dollar's advance related to better market mood, rather than macroeconomic data. European one was mostly disappointing, as the final Markit Eurozone PMI Composite Output resulted at 55.2, from 57.1 in February, and a previous estimate of 55.3, with expansion moderating in both, the services and the manufacturing sectors. The EU Retail Sales rose just 0.1% in February, well below the expected 0.5%, while the PPI came in at 0.1% MoM, matching the previous reading and market's estimates, and 1.6% YoY, slightly above market's expectations. In the US, the number of job cuts increased from 35,369 in February to 60,357 in March, while for the week ended March 30th, the number of unemployment claims surged to 242K from a previous revised 218K. Furthermore, the trade balance posted a larger-than-expected deficit of $57.6B. Soft data are probably preventing the greenback from appreciating further ahead of Wall Street's opening.
source fx-steet
Technically, the pair has gained further downward strength, as in the 4 hours chart, it moved further below a bearish 20 SMA, acting as a dynamic resistance at around 1.2280, while technical indicators gained bearish strength within negative territory. The pair has scope to extend its decline toward the 1.2200/10 region, with a break below it exposing 1.2160.
Support levels: 1.2200 1.2160 1.2120
Resistance levels: 1.2280 1.2310 1.2340
2. Fundamental Overview The EUR/USD has reached a lower low for the day of 1.2235, a level last seen on March 1st, with dollar's advance related to better market mood, rather than macroeconomic data. European one was mostly disappointing, as the final Markit Eurozone PMI Composite Output resulted at 55.2, from 57.1 in February, and a previous estimate of 55.3, with expansion moderating in both, the services and the manufacturing sectors. The EU Retail Sales rose just 0.1% in February, well below the expected 0.5%, while the PPI came in at 0.1% MoM, matching the previous reading and market's estimates, and 1.6% YoY, slightly above market's expectations. In the US, the number of job cuts increased from 35,369 in February to 60,357 in March, while for the week ended March 30th, the number of unemployment claims surged to 242K from a previous revised 218K. Furthermore, the trade balance posted a larger-than-expected deficit of $57.6B. Soft data are probably preventing the greenback from appreciating further ahead of Wall Street's opening.
source fx-steet
