EUR/USD hits fresh highs above 1.0900 after US ISM Manufacturing PMI

US Data: March ISM Manufacturing PMI and February Construction Spending below expectations.
US Dollar Index tumbles as US yields sank.
EUR/USD looking to test March highs at 1.0925/30.

Matías Salord FXStreet

The EUR/USD rose further following the release of US Economic data and printed a fresh daily high at 1.0916. It then pulled back to 1.0885. The US Dollar is under pressure amid lower yields and risk appetite.

The US Dollar Index is falling 0.50% and is about to test last week's lows near 102.00. The US 10-year dropped to 3.41%, the lowest level in a week. The lower gained momentum after the release of the US ISM Manufacturing report.

Data showed that economic activity in the US manufacturing sector continued to contract with the ISM Manufacturing PMI falling to 46.3 from 47.7 in February, below the market consensus of 47.5. Ahead of the ADP and the NFP, the Employment index fell to 46.9 from 49.1. A different report showed Construction Spending declined by 0.1% in February.

European Central Bank Robert Holzmann said a half-point hike is still on the cards for May. According to him, it the central bank slows down rate hikes to 25 bps it would be hard to go back.

The 1.0930 zone back in the radar

The EUR/USD approached the 1.0925/30 key resistance area. That zone capped the upside during the last two weeks. A break higher would strengthen the outlook for the Euro. A failure could clear the way for a bearish correction. Support levels might be located at 1.0855 and 1.0815.

Technical levels

EUR/USD

Overview
Today last price	1.0885
Today Daily Change	0.0045
Today Daily Change %	0.42
Today daily open	1.084

Trends
Daily SMA20	1.0724
Daily SMA50	1.0732
Daily SMA100	1.0651
Daily SMA200	1.0342

Levels
Previous Daily High	1.0926
Previous Daily Low	1.0837
Previous Weekly High	1.0926
Previous Weekly Low	1.0745
Previous Monthly High	1.093
Previous Monthly Low	1.0516
Daily Fibonacci 38.2%	1.0871
Daily Fibonacci 61.8%	1.0892
Daily Pivot Point S1	1.0809
Daily Pivot Point S2	1.0779
Daily Pivot Point S3	1.072
Daily Pivot Point R1	1.0898
Daily Pivot Point R2	1.0956
Daily Pivot Point R3	1.0987

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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