The EUR/USD pair paid little attention to the better-than-expected US import price index figure and continues to trade around 1.1115 (50% of 1.1714-1.0517).
Awaits US opening bell
Feb import prices dropped -0.3% in Feb after 1.0% drop in Jan, but the actual figure was slightly better-than-expected print of -0.5%. However, the data was ignored as traders wait to see if US stock markets follow European indices higher.
Euro came under pressure in early Europe after stock markets opened on a positive note and extended gains as the day progressed. At the time of writing, US index futures were pointing to risk-on trading, which usually weighs over funding currencies like EUR.
EUR/USD Technical Levels
The immediate support is seen at 1.1115 (50% of 1.1714-1.0517), under which the pair could drop to 1.1086 (Feb 8 low), which if taken out would expose 1.1045 (200-DMA). On the other hand, a break above 1.1173 (23.6% of 1.0517-1.1376) could see the pair re-test 1.1218 (previous day’s high). A break higher would expose 1.1296 (23.6% of May 2014 high-Mar 2015 low).
(Market News Provided by FXstreet)