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31 Mar 2015
EUR/USD slides despite fall in German unemployment rate
FXStreet (Mumbai) - The EUR/USD pair extended weakness to 1.0744 levels despite German unemployment rate hitting a record low of 6.4% in March, accompanied by another drop of 14K in number of jobless people in March.
EUR/USD: Trades below key Fibo level
The pair now trades a few pips below 1.0755, which is the 50% Fib retracement level of the move from 1.0461 to 1.1050. The EUR failed to strengthen on the upbeat German employment data as the markets remained focused on the Greece issue. A similar reaction could be seen post the release of the preliminary Eurozone CPI data for March later today.
Meanwhile, the US dollar is strengthening across the board ahead of the financial year end closing in many countries.
EUR/USD Technical Levels
The immediate support is seen at 1.0685, under which the pair could drop to 1.0610 levels. On the flip side, a rise above 1.0755 could see the pair re-test 1.0825 levels.
EUR/USD: Trades below key Fibo level
The pair now trades a few pips below 1.0755, which is the 50% Fib retracement level of the move from 1.0461 to 1.1050. The EUR failed to strengthen on the upbeat German employment data as the markets remained focused on the Greece issue. A similar reaction could be seen post the release of the preliminary Eurozone CPI data for March later today.
Meanwhile, the US dollar is strengthening across the board ahead of the financial year end closing in many countries.
EUR/USD Technical Levels
The immediate support is seen at 1.0685, under which the pair could drop to 1.0610 levels. On the flip side, a rise above 1.0755 could see the pair re-test 1.0825 levels.