Thursday, September 24, 2015

EUR/USD testing 1.1200 in early moves, German data eyed

FXStreet (Mumbai) - The EUR/USD pair saw a steady rise in the Asian session and extends further towards 1.12 handle in the early European dealings, as the safe-haven status of the euro received fresh impetus as risk-aversion seeps back into markets.

EUR/USD rises from 1.1165

The EUR/USD pair trades 0.06% higher at 1.1191, having posted fresh session highs at 1.1199 some minutes ago. The main currency pair held onto previous gains and kept its upside bias intact as the renewed risk-off sentiment after Japan’s stocks dived in the red, diminished the bids for the risk currency, the US dollar.

On Wednesday, the shared currency rebounded from three-week lows versus the greenback as markets brushed away ECB President Draghi’s testimony and assessed the recent manufacturing PMI reports from both continents.

Meanwhile, markets now await a set of German data, including the crucial Ifo surveys for fresh cues ion EUR/USD. Heading into the US session, traders will be looking to August's US durable goods orders data and last week's unemployment claims figures for further USD moves.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1215 (Sept 23 High), above which gains could be extended to 1.1245 (Sept 3 High) levels. On the flip side, support is seen at 1.1165 (Today’s Low) below which it could extend losses to 1.1103 (Sept 23 Low) levels.
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