24 Mar 2015
EUR/USD breaks above 1.1000 after US CPI; what's next?
FXStreet (Tokyo) - A better than expected US inflation in February sent the EUR/USD down to test MA-20 hours at 1.0940 as investors assumed that a higher CPI means sooner rate hikes.
However, it seems a merely bump in the road as the EUR/USD bounced off this level and now it's trading above the 1.1000, it's highs since the Fed-patient day. Currently, EUR/USD is trading at 1.1021, up 0.70% on the day, having posted a daily high at 1.1030 and low at 1.0904.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
EUR/USD Forecast
The EUR/USD is trading higher on Tuesday as flash PMI data posted better than expected readings in March. The 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."
Euro to dollar exchange rate levels
Above the 1.1000, the EUR/USD will find next resistance in the Fed-patient day highs of 1.1040. Then 1.1060 and 1.1080 are the levels to watch. To the downside, 1.0940, 1.0880 and 1.0770 are supports.
However, it seems a merely bump in the road as the EUR/USD bounced off this level and now it's trading above the 1.1000, it's highs since the Fed-patient day. Currently, EUR/USD is trading at 1.1021, up 0.70% on the day, having posted a daily high at 1.1030 and low at 1.0904.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
EUR/USD Forecast
The EUR/USD is trading higher on Tuesday as flash PMI data posted better than expected readings in March. The 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."
Euro to dollar exchange rate levels
Above the 1.1000, the EUR/USD will find next resistance in the Fed-patient day highs of 1.1040. Then 1.1060 and 1.1080 are the levels to watch. To the downside, 1.0940, 1.0880 and 1.0770 are supports.