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1 Apr 2015
EUR/USD retraces to 1.0755
FXStreet (Mumbai) - EUR/USD trimmed gains and retreated from highs in the European morning, although remains firmer as markets expect positive readings from the set of euro zone manufacturing PMI's later this morning.
EUR/USD drops from 1.0780
The EUR/USD trades higher by 0.22% at 1.0757 levels, having posted day’s high at 1.0792 and day’s low at 1.0740. EUR/USD reversed its four consecutive days of losses and climbed higher on expectations that the final euro zone manufacturing PMI will come in at the ten-month high suggested in the preliminary reading.
The final manufacturing PMI numbers for March are expected to show a reading of 52.4 for Germany, confirming the prelim reading.
Meanwhile, traders will also focus on the US data front. US ISM manufacturing is expected to grow at a slightly slower pace, while the ADP private payrolls are expected to see 225,000 jobs created.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0846 (March 30 High) levels. On the flip side, support is seen at 1.0712 (March 31 Low), below which it could extend losses to 1.0648 (March 19 Low) levels.
EUR/USD drops from 1.0780
The EUR/USD trades higher by 0.22% at 1.0757 levels, having posted day’s high at 1.0792 and day’s low at 1.0740. EUR/USD reversed its four consecutive days of losses and climbed higher on expectations that the final euro zone manufacturing PMI will come in at the ten-month high suggested in the preliminary reading.
The final manufacturing PMI numbers for March are expected to show a reading of 52.4 for Germany, confirming the prelim reading.
Meanwhile, traders will also focus on the US data front. US ISM manufacturing is expected to grow at a slightly slower pace, while the ADP private payrolls are expected to see 225,000 jobs created.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0846 (March 30 High) levels. On the flip side, support is seen at 1.0712 (March 31 Low), below which it could extend losses to 1.0648 (March 19 Low) levels.