6 Apr 2015
EUR/USD retraces to 1.0980
FXStreet (Mumbai) - EUR/USD trims gains amid a choppy trend in the European session, as the major continues to oscillate between a narrow 30 pips range in a generalized flattish trend seen in the US dollar.
EUR/USD holds above 5-DMA
The EUR/USD trades flat at 1.0980 levels, having posted day’s high at 1.0997 and day’s low at 1.0966. EUR/USD continues its see-saw movement in the holiday-thinned volumes as markets now focus on upcoming US data later in the day for fresh incentives.
Meanwhile, better than expected Spanish employment data did the lift the shared currency towards 1.10 handle versus the USD. However, the spike was short-lived and the pair resumed its consolidative trend since Asian session.
EUR/USD rose to fresh weekly highs in the previous session mainly driven by a plunging US dollar after the US NFP figures disappointed markets - the slimmest gain in payrolls in 16-months capped off what was the worst quarter in a year. March payrolls printed just 126,000, the least since December 2012, although wages picked up 0.3% from February.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.10 levels, above which gains could be extended to 1.1028 (April 3 High) levels. On the flip side, support is seen at 1.0966 (Today’s low) below which it could extend losses to 1.0900 levels.
EUR/USD holds above 5-DMA
The EUR/USD trades flat at 1.0980 levels, having posted day’s high at 1.0997 and day’s low at 1.0966. EUR/USD continues its see-saw movement in the holiday-thinned volumes as markets now focus on upcoming US data later in the day for fresh incentives.
Meanwhile, better than expected Spanish employment data did the lift the shared currency towards 1.10 handle versus the USD. However, the spike was short-lived and the pair resumed its consolidative trend since Asian session.
EUR/USD rose to fresh weekly highs in the previous session mainly driven by a plunging US dollar after the US NFP figures disappointed markets - the slimmest gain in payrolls in 16-months capped off what was the worst quarter in a year. March payrolls printed just 126,000, the least since December 2012, although wages picked up 0.3% from February.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.10 levels, above which gains could be extended to 1.1028 (April 3 High) levels. On the flip side, support is seen at 1.0966 (Today’s low) below which it could extend losses to 1.0900 levels.