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2 Mar 2015

EUR/USD backs away from daily highs

FXStreet (Córdoba) - EUR/USD turned lower and cut intraday gains after the recovery stalled ahead of the 1.1250 area, with the greenback strengthening on the back of solid US manufacturing data.

While the US Markit manufacturing PMI rose to 55.1 in February, above consensus of 54.3, the ISM gauge eased slightly to 52.9, versus 53.1 expected.

EUR/USD dropped more than 50 pips from daily highs and hit a session low of 1.1188 in recent dealings. At time of writing, the pair is trading at 1.1196, virtually unchanged on the day.

The euro staged a bounce during the European session, underpinned by Eurozone CPI, but failed to hold above the 1.12 mark for long.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find next supports at 1.1159 (daily low), 1.1114 (Jan 23 low) and 1.1097 (11-year low Jan 26). On the other hand, resistances are seen at the 1.1240/44 area (Mar 2, Feb 27 high) and 1.1275 (100-hour SMA) ahead of 1.1300 (psychological level).
Mar 2, 2015

US ISM drops; now waiting for ADP - ING

ISM James Knightley, analyst at ING Bank, explained that the The ISM manufacturing survey has dropped to 52.9 in February versus 53.5 in January.
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Mar 2, 2015

AUD/USD: Below 0.8035, bearishness prevails

AUD/USD is currently trading at 0.7782 with a high of 0.7796 and a low of 0.7754.
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