5 Jun 2015
EUR/USD retreats from 1.1280
FXStreet (Mumbai) - The shared currency stalled its recovery mode and eased-off highs versus the American dollar in the European session, with EUR/USD deflating from 1.1280 highs. The major climber higher this session mainly benefitting from surprisingly positive German factory orders, while markets now focus on the crucial NFP from the US later in the session.
EUR/USD drops from 1.1280
The EUR/USD pair trades 0.20% higher at 1.1260, retracing form fresh session highs reached at 1.1280. The EUR/USD pair trims gains, although remains supported largely on the back of profit booking after the pair witnessed heavy losses on Thursday, while Greece headlines continue to remain in the spotlight Greece decided to defer its today’s IMF repayment.
Moreover, above estimates German factory data also boosted the sentiment around the euro, driving the pair beyond 1.1250 levels. Factory orders in Germany grew 1.4% in April m/m, after the 1.1% gain previously, while they rose 0.4% when measured on a yearly basis, according to the fresh report. Markets had expected a 0.5% growth and a 0.6% fall, respectively.
In the day ahead, markets now closely eye the American non-farm payrolls data this Friday. The US economy is projected to add 227,000 new non-farm payrolls to the economy in May.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1284 (June 3 High) levels, above which gains could be extended to 1.1328 (May 19 High) levels. On the flip side, support is seen at 1.1194 (Today’s Low) below which it could extend losses to 1.1177 (May 8 Low) levels.
EUR/USD drops from 1.1280
The EUR/USD pair trades 0.20% higher at 1.1260, retracing form fresh session highs reached at 1.1280. The EUR/USD pair trims gains, although remains supported largely on the back of profit booking after the pair witnessed heavy losses on Thursday, while Greece headlines continue to remain in the spotlight Greece decided to defer its today’s IMF repayment.
Moreover, above estimates German factory data also boosted the sentiment around the euro, driving the pair beyond 1.1250 levels. Factory orders in Germany grew 1.4% in April m/m, after the 1.1% gain previously, while they rose 0.4% when measured on a yearly basis, according to the fresh report. Markets had expected a 0.5% growth and a 0.6% fall, respectively.
In the day ahead, markets now closely eye the American non-farm payrolls data this Friday. The US economy is projected to add 227,000 new non-farm payrolls to the economy in May.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1284 (June 3 High) levels, above which gains could be extended to 1.1328 (May 19 High) levels. On the flip side, support is seen at 1.1194 (Today’s Low) below which it could extend losses to 1.1177 (May 8 Low) levels.