Euro Stayed Above 1.0900, Looks Set For More Gains

Euro Stayed Above 1.0900, Looks Set For More Gains

By: Simon Furman | Where To Trade | On:25-03-2015 13:33
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Key Highlights

  • Euro dived recently, but managed to gain buyers around 1.0900, which represents an important support area and suggests that the EURUSD pair can continue trading higher.

  • In Switzerland, an indicator i.e. a leading indicator of private consumption trends and the most important component of Swiss GDP published by UBS increased to 1.19 in February 2015.

  • France Business Climate representing a survey of the current business condition in France and indicates the performance of the overall French economy from a short-term perspective was released by INSEE, which registered a decline from 100 to 99 in March 2015.

  • Spanish Producer Price Index, which measures the average changes in prices in primary markets of Spain by producers of commodities in all states of processing released by the Instituto Nacional de Estadistica posted a decline of 1.6% in March 2015.

  • German business sentiment index, which is a closely watched as an early indicator of current conditions and business expectations in Germany released by the CESifo Group registered a rise from the last reading of 106.8 to 107.9 in March 2015.

  • EURUSD pair found support around the 1.0920 and traded back towards the 1.0950 level.

German IFO Business Climate Index

Earlier today during the London session, the German business sentiment index, which is a closely watched as an early indicator of current conditions and business expectations in Germany was released by the CESifo Group. The forecast was lined up for an increase from the last reading of 106.8 to 107.3 in March 2015. However, the outcome was better than expected, as the German IFO business sentiment index rose to 107.9. The report mentioned that the index was at the highest level since July 2014. The most important point to note was the mentioned that companies were more satisfied with their current business situation, and they expressed far better optimism about future business prospects, as quoted in the report.

The manufacturing sector also showed strength as the manufacturing climate indicator climbed one more time in March 2015, highlighting the fact that manufacturers were more satisfied with current developments.

France Business Climate

There was one more release scheduled during the London session, as the France Business Climate representing a survey of the current business condition in France and indicates the performance of the overall French economy from a short-term perspective was released by INSEE. The forecast was slated for no change in the business climate in March 2015. The outcome was somehow mixed as the last reading was revised up from 99 to 100, and current France Business Climate was 99. So, there was a decline in March 2015.

Technical Outlook – Euro

The Euro continued to trade in the positive zone, as buyers managed to defend the downside in the EURUSD pair. It looks like the pair is making an attempt to test the 1.0980-1.10 levels one more time. On the downside, the 1.0900-20 holds the key for pair and must stay intact if EURUSD has to continue trading higher.

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Simon Furman

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