7 May 2015
EUR/USD ignored German factory orders data
FXStreet (Mumbai) - The shared currency continues to trade strong against the American dollar, as investors turned a blind eye towards the German factory orders data which painted a contradictory picture on monthly and yearly basis. The EUR/USD pair rose to fresh session high of 1.1369 post the release of the data.
EUR supported by 1.9% year-on-year rise in German factory orders
Despite the month-on-month drop in factory orders to 0.9% in March, the shared currency managed to print fresh daily highs on the back of a 1.9% year-on-year rise in factory orders. Meanwhile, the broad based dollar weakness triggered by Fed chair Janet Yellen’s overnight comments also supported the EUR/USD pair.
Ahead in the data, the pair could mimic the moves in the GBP/USD pair, which is likely to witness high volatility on the election uncertainty. The activity in the EUR/GBP cross is likely to have a major impact on the EUR/USD pair today.
EUR/USD Technical Levels
The immediate resistance is located at 1.14, above which gains could be extended to 1.1450. On the flip side, a break below 1.1293 could drive the pair lower to 1.1240 levels.
EUR supported by 1.9% year-on-year rise in German factory orders
Despite the month-on-month drop in factory orders to 0.9% in March, the shared currency managed to print fresh daily highs on the back of a 1.9% year-on-year rise in factory orders. Meanwhile, the broad based dollar weakness triggered by Fed chair Janet Yellen’s overnight comments also supported the EUR/USD pair.
Ahead in the data, the pair could mimic the moves in the GBP/USD pair, which is likely to witness high volatility on the election uncertainty. The activity in the EUR/GBP cross is likely to have a major impact on the EUR/USD pair today.
EUR/USD Technical Levels
The immediate resistance is located at 1.14, above which gains could be extended to 1.1450. On the flip side, a break below 1.1293 could drive the pair lower to 1.1240 levels.