8 Apr 2015
EUR/USD off highs near 1.0840 on poor German data
FXStreet (Mumbai) - EUR/USD retreated from close to session highs in the early European morning, although remained in green, after factory orders in Germany failed to return to growth in February both on monthly and annual basis.
EUR/USD drops from 1.0850
The EUR/USD trades higher by 0.22% at 1.0837 levels, retreating from fresh session highs posted around 1.0850 levels. EUR/USD capped its recovery mode and retraced slightly after downbeat German data which revealed that factory orders in the euro zone's largest economy declined again in February after the plunge seen in Jan.
Industrial orders in Germany fell 0.9% m/m in February, against expected reading of a 1.5% growth. In Jan, the gauge declined a revised 2.6%. On a yearly basis, the gauge fell 1.3% Feb, Markets had projected an increase of 0.5% y/y.
Meanwhile, traders await EMU retail sales numbers in order to confirm that the ECB QE and lower oil prices are indeed having positive impact on the European economies. Also, Greece scenario and FOMC minutes will be closely watched for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0866 (10-DMA) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0821 (Today’s Low) below which it could extend losses to 1.0800 levels.
EUR/USD drops from 1.0850
The EUR/USD trades higher by 0.22% at 1.0837 levels, retreating from fresh session highs posted around 1.0850 levels. EUR/USD capped its recovery mode and retraced slightly after downbeat German data which revealed that factory orders in the euro zone's largest economy declined again in February after the plunge seen in Jan.
Industrial orders in Germany fell 0.9% m/m in February, against expected reading of a 1.5% growth. In Jan, the gauge declined a revised 2.6%. On a yearly basis, the gauge fell 1.3% Feb, Markets had projected an increase of 0.5% y/y.
Meanwhile, traders await EMU retail sales numbers in order to confirm that the ECB QE and lower oil prices are indeed having positive impact on the European economies. Also, Greece scenario and FOMC minutes will be closely watched for further momentum on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0866 (10-DMA) levels, above which gains could be extended to 1.0900 levels. On the flip side, support is seen at 1.0821 (Today’s Low) below which it could extend losses to 1.0800 levels.