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14 Apr 2015
EUR/USD approaches to 1.0700 as dollar slumps
FXStreet (Córdoba) - EUR/USD rose more than 100 pips over the last minutes and reached a 4-day high as on the top of disappointing US data, the IMF downgraded US growth outlook, weighing on the greenback.
While US retail sales grew less than expected (0.9% versus 1.1% exp) and NFIB business optimism index unexpectedly dropped in March (95.2 vs 98.4 exp), the IMF cut their US growth forecast for 2015 and 2016 to 3.1% versus 3.3% estimated in January.
The dollar fell sharply across the board, with EUR/USD climbing as high as 1.0691 in recent dealings. At time of writing, the pair is trading at 1.0685, recording a 1.12% gain since opening.
EUR/USD levels to watch
Immediate resistances for EUR/USD are now seen at 1.0700 (psychological level), 1.0713 (Mar 31 low) and 1.0763 (10-day SMA). On the flip side, supports could be found at 1.0523 (Apr 13 low), 1.0500 (psychological level) and 1.0462 (12-year low Mar 13).
While US retail sales grew less than expected (0.9% versus 1.1% exp) and NFIB business optimism index unexpectedly dropped in March (95.2 vs 98.4 exp), the IMF cut their US growth forecast for 2015 and 2016 to 3.1% versus 3.3% estimated in January.
The dollar fell sharply across the board, with EUR/USD climbing as high as 1.0691 in recent dealings. At time of writing, the pair is trading at 1.0685, recording a 1.12% gain since opening.
EUR/USD levels to watch
Immediate resistances for EUR/USD are now seen at 1.0700 (psychological level), 1.0713 (Mar 31 low) and 1.0763 (10-day SMA). On the flip side, supports could be found at 1.0523 (Apr 13 low), 1.0500 (psychological level) and 1.0462 (12-year low Mar 13).