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20 Apr 2015
EUR/USD recovers to 1.0790
FXStreet (Mumbai) - The shared currency recovered half its slide against the US dollar in the European morning, with EUR/USD once again eyeing the 1.08 barrier, as the euro received fresh impetus from upbeat German factory gate prices which showed a further upward trend m/m in March.
EUR/USD boosted by German PPI data
The EUR/USD trades lower by -0.17% at 1.0790, retreating from fresh session lows of 1.0767 levels reached in last hours EUR/USD erased partial losses after slightly better German data which revealed The headline annual Producer Price Index (PPI) in Germany declined 1.7% in March, but less than the decrease of 2.1% posted in Feb, beating consensus of a 1.6% drop.
On a monthly basis, however, the gauge edged 0.1% higher in March, after adding 0.1% in February.
The major trimmed losses largely on the US dollar retreat were across the board. The DXY eased from session highs of 97.84 and now trades muted at 97.66.
Meanwhile, markets now shift their focus on tomorrow’s ZEW economic sentiments and a raft of EZ PMIs later this week in absence of significant economic releases in the day ahead. Moreover, Greece concerns still remain in focus and may remain the major driver in the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0818 (Today’s High) levels, above which gains could be extended to 1.0850 (April 17 High) levels. On the flip side, support is seen at 1.0735 (April 17 Low) below which it could extend losses to 1.0700 levels.
EUR/USD boosted by German PPI data
The EUR/USD trades lower by -0.17% at 1.0790, retreating from fresh session lows of 1.0767 levels reached in last hours EUR/USD erased partial losses after slightly better German data which revealed The headline annual Producer Price Index (PPI) in Germany declined 1.7% in March, but less than the decrease of 2.1% posted in Feb, beating consensus of a 1.6% drop.
On a monthly basis, however, the gauge edged 0.1% higher in March, after adding 0.1% in February.
The major trimmed losses largely on the US dollar retreat were across the board. The DXY eased from session highs of 97.84 and now trades muted at 97.66.
Meanwhile, markets now shift their focus on tomorrow’s ZEW economic sentiments and a raft of EZ PMIs later this week in absence of significant economic releases in the day ahead. Moreover, Greece concerns still remain in focus and may remain the major driver in the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0818 (Today’s High) levels, above which gains could be extended to 1.0850 (April 17 High) levels. On the flip side, support is seen at 1.0735 (April 17 Low) below which it could extend losses to 1.0700 levels.