7 Apr 2015
EUR/USD testing 1.09 on EZ data
FXStreet (Mumbai) - EUR/USD wiped out previous gains and fell back in red during the European session, as the major remains uninspired by upbeat PMI readings from the Euro zone.
EUR/USD capped by 5-DMA
The EUR/USD trades lower by -0.18% at fresh session lows of 1.0901 levels, having posted day’s high at 1.0955. EUR/USD extends its see-saw movement and remains subdued with negative reaction to the latest Euro area PMIs released which revealed that German services accelerating their activity in March while EMU services PMI climbed near 4-yr highs.
Data firm Markit, which surveys more than 5,000 businesses across the currency bloc, said that its composite PMI rose to 54.0 in March, up from 53.3 booked in Feb, the highest level since May 2011. The flash composite PMI came in at 54.1 points.
While, the German services PMI swung higher to a seasonally adjusted 55.4 in the third month of the year, from the February reading of 54.7.
Meanwhile, markets closely watch developments from the Greece front for further impacts on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0955 levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0862 below which it could extend losses to 1.0800 levels.
EUR/USD capped by 5-DMA
The EUR/USD trades lower by -0.18% at fresh session lows of 1.0901 levels, having posted day’s high at 1.0955. EUR/USD extends its see-saw movement and remains subdued with negative reaction to the latest Euro area PMIs released which revealed that German services accelerating their activity in March while EMU services PMI climbed near 4-yr highs.
Data firm Markit, which surveys more than 5,000 businesses across the currency bloc, said that its composite PMI rose to 54.0 in March, up from 53.3 booked in Feb, the highest level since May 2011. The flash composite PMI came in at 54.1 points.
While, the German services PMI swung higher to a seasonally adjusted 55.4 in the third month of the year, from the February reading of 54.7.
Meanwhile, markets closely watch developments from the Greece front for further impacts on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0955 levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0862 below which it could extend losses to 1.0800 levels.