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1 Apr 2015

EUR/USD rallies to 1.0760

FXStreet (Mumbai) - EUR/USD swung back higher in the positive terrain in the European session, attempting a bounce to 1.08 handle as traders continue to digest a set of upbeat euro zone PMIs.

EUR/USD rises from 1.0740

The EUR/USD trades higher by 0.27% at 1.0760 levels, having posted day’s high at 1.0792 and day’s low at 1.0719. EUR/USD rebounded sharply in a delayed reaction to the better than forecasts PMI readings across the Euro area economies.

Earlier in the session, the euro zone released a set of manufacturing PMIs. The two most important came out slightly better, and failed to provide support for the shared currency. The French PMI came out at 48.8, slightly above market consensus, while the German PMI printed 52.8, above expectations of a 52.4 print.
For the whole euro zone, Markit reported a figure of 52.2 for the past month, after 51 in February. That topped the 51.9 points estimates.

Meanwhile, traders now focus on the US data front. US ISM manufacturing is expected to grow at a slightly slower pace, while the ADP private payrolls are expected to see 225,000 jobs created.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.0800 levels, above which gains could be extended to 1.0846 (March 30 High) levels. On the flip side, support is seen at 1.0712 (March 31 Low), below which it could extend losses to 1.0648 (March 19 Low) levels.
Apr 1, 2015

USD/JPY to head towards 125 over 12 months – Rabobank

Jane Foley, Senior Currency Strategist at Rabobank, expects rate differentials to lead USD/JPY to trend higher this year, and maintains a bullish target at 125 for the pair on a 12month view.
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Apr 1, 2015

GBP/USD: lower lows in sight – FXStreet

According to Valeria Bednarik, Chief Analyst at FXStreet, GBP/USD technicals present a bearish tone, and a move below 1.4739 might trigger further losses towards 1.4650 today.
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