FXStreet (Mumbai) – The EUR/USD pair keeps its side-ways movement intact in the early European trades, as the euro remains largely unresponsive to the negatively surprising German factory data.
EUR/USD capped below 1.1200
The EUR/USD pair trades -0.09% lower at 1.1179, heading towards session lows struck near 1.1170. The major continues to oscillate in a slim range below the hourly 200-SMA located at 1.1204, with the shared currency little changed after the disappointing German factory orders, which surprised markets on the downside.
Factory orders in Germany fell 1.8% m/m in August, against expectations of a 0.5% increase. In the prior month, the revised gauge declined 2.2%. While the gauge rose 1.9% y/y in the Aug, after posting a revised 1.3% fall in July, far below markets expectations of an increase of 5.6%.
Later in the day, attention turns towards the ECB Draghi’s speech while the crucial US trade balance data will also hog the limelight.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1204 (hourly 200-SMA), above which gains could be extended to 1.1249 (Sept 28 High) levels. On the flip side, support is seen at 1.1149 (Oct 2 Low) which it could extend losses to 1.1103 (Sept 23 Low) levels.
(Market News Provided by FXstreet)