24 Mar 2015
EUR/USD rejects 1.1030; falls below 1.0950
FXStreet (Tokyo) - The 1.1000 was too hard for the EUR/USD as the pair was unable to maintain levels above this level and after peaking to 1.1030 post-CPI, the EUR/USD was sold and sent back below 1.0950, now trading negative on the day.
Currently, EUR/USD is trading at 1.0930, down 0.13% on the day, having posted a daily high at 1.1030 and low at 1.0904. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.
As previously reported, EUR/USD traded higher on Tuesday as European flash PMIs data posted better than expected readings in March. Data fueled expectations that the growth in the Eurozone will be better than previously anticipated. However, BNP Paribas expects that the pair will keep its bearish trend as "stronger data does not change the course for asset purchases."
EUR/USD levels
The 1.1000 is seen as a natural turning point; so if the Euro extends its rejection, it will find next supports at 1.0880 and 1.0770. To the upside, 1.1000, 1.1030 and 1.1040 are resistances.
Currently, EUR/USD is trading at 1.0930, down 0.13% on the day, having posted a daily high at 1.1030 and low at 1.0904. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.
As previously reported, EUR/USD traded higher on Tuesday as European flash PMIs data posted better than expected readings in March. Data fueled expectations that the growth in the Eurozone will be better than previously anticipated. However, BNP Paribas expects that the pair will keep its bearish trend as "stronger data does not change the course for asset purchases."
EUR/USD levels
The 1.1000 is seen as a natural turning point; so if the Euro extends its rejection, it will find next supports at 1.0880 and 1.0770. To the upside, 1.1000, 1.1030 and 1.1040 are resistances.