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3 Mar 2015
EUR/USD erases post German retail sales gains, trades below 1.12
FXStreet (Mumbai) - The EUR/USD is back to square one, trading at 1.1190, a level seen before the release of the better-than-expected German retail sales data. The pair clocked a high of 1.1210 post the data before moving lower again.
EUR/USD: back below 76.4% fib level
The pair rose above the 76.4% Fib retracement level of the uptrend 1.1096-1.1532 located at 1.12. However, the gains could not be sustained as the shared currency remains under pressure ahead of the European central Bank meeting this week. Though no major surprises are expected, the bank is expected to publish the details of its QE program that begins from this month.
Furthermore, the USD is being resilient ahead of the monthly non-farm payrolls data due for release on Friday.
EUR/USD Technical Levels
The pair has an immediate support located at 1.1158, under which the pair could fall to 1.1096. On the flip side, a break above 1.1210 could push the pair higher to 1.1262 levels.
EUR/USD: back below 76.4% fib level
The pair rose above the 76.4% Fib retracement level of the uptrend 1.1096-1.1532 located at 1.12. However, the gains could not be sustained as the shared currency remains under pressure ahead of the European central Bank meeting this week. Though no major surprises are expected, the bank is expected to publish the details of its QE program that begins from this month.
Furthermore, the USD is being resilient ahead of the monthly non-farm payrolls data due for release on Friday.
EUR/USD Technical Levels
The pair has an immediate support located at 1.1158, under which the pair could fall to 1.1096. On the flip side, a break above 1.1210 could push the pair higher to 1.1262 levels.