EUR/USD clings to data-led recovery gains beyond 1.06 mark

The EUR/USD pair extended impressive German data-led recovery move further and has now risen to fresh session tops near 1.0615-20 region.

Spot caught some fresh bids on Tuesday after the German ZEW Economic Sentiment Index rose in April to its highest level since August 2015. Upbeat German data pointed to robust economic situation in the Euro-zone's largest economy and provided a much needed respite for the shared currency.

Meanwhile, market seems to have largely ignored the disappointing Euro-zone industrial production data for the month of February, with a softer tone surrounding the greenback supporting a mildly positive sentiment surrounding the major. In fact, the key US Dollar Index extended previous session's retracement from 3-week highs and collaborated to the pair's modest recovery move for the second consecutive session, from one-month low touched on Monday.

Next on tap would the US economic docket, featuring the release of JOLTS Job Openings data but is unlikely to provide any meaningful impetus for the major. However, a scheduled speech by the Minneapolis Fed President Neel Kashkari should provide some short-term trading opportunities later during NY session.

Technical levels to watch

Immediate resistance is pegged near 1.0625 region (100-day SMA), above which the pair is likely to extend the recovery move further towards 1.0675-80 horizontal area ahead of the 1.0700 handle. On the downside, weakness back below 1.0600 mark might now turn the pair vulnerable to break below 1.0575-70 support area and head towards its next support near 1.0540 level en-route the key 1.0500 psychological mark.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD recaptures 1.2050 amid upbeat EZ PMIs, USD decline

EUR/USD is trading above 1.2050 after upbeat Eurozone Preliminary PMIs. The US dollar remains heavily offered across the board amid a mixed market mood, in the wake of Biden's plan for a tax hike. US PMIs awaited. 


GBP/USD holds gains below 1.3900 amid upbeat UK data

GBP/USD is consolidating gains below 1.3900, as the US dollar resumes decline after Biden's tax hike plan fuelled rally fades. The UK Retail Sales and PMIs beat expectations, offering support to the pound. 


Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD eases from tops, downside remains cushioned

Gold struggled to capitalize on its intraday positive move to the $1,790 region. A modest bounce in the equity markets, US bond yields exerted some pressure. The prevalent USD selling bias should help limit the downside for the commodity.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more