25 Mar 2015
EUR/USD hit session high ahead of German IFO data
FXStreet (Mumbai) - The EUR/USD pair rose to a session high of 1.0942 ahead of the German IFO data, which is widely expected to show improvement in the Germany business sentiment.
EUR/USD: back above hourly 50-MA
The pair rose back above hourly 50-MA located at 1.0925, after having suffered a brief sell-off to 1.0902 ahead of the European session. Moreover, the pair is rising in anticipation of a better than expected German IFO reading. Expectations are high especially after the upbeat Flash PMI reports released yesterday. The rise in the French business confidence (actual 96, expected 95) also helped the pair.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0970, above which gains could be extended to 1.1030. On the flip side, support is seen at 1.09, under which losses could be extended to 1.0860 levels.
EUR/USD: back above hourly 50-MA
The pair rose back above hourly 50-MA located at 1.0925, after having suffered a brief sell-off to 1.0902 ahead of the European session. Moreover, the pair is rising in anticipation of a better than expected German IFO reading. Expectations are high especially after the upbeat Flash PMI reports released yesterday. The rise in the French business confidence (actual 96, expected 95) also helped the pair.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0970, above which gains could be extended to 1.1030. On the flip side, support is seen at 1.09, under which losses could be extended to 1.0860 levels.