No sooner did the EUR/USD pair correct lower during the Asian session, than the strong buying interest rushed on a strategy and the same pair traded back near this month high at 1.1375.
The Germany data was entirely mixed up. It had Retail Sales going down by 0.4% monthly basis in February, but strongly beyond as opposed to the year before which was up by 5.4%. Unlike what was predicted, the unemployment
Rate during March remained stagnant at 6.2%. As much as the number of unemployed people was didn’t change in March, since last September the jobless total has not gone down.
Just after the opening which helps the common currency advance the local share markets turned down. According to the 4 hours chart for the EUR/USD pair the technical indicators have already returned their advances near over-purchased levels. However, the moving averages keep attaining ground
Below the current level. This is in line with further advances following the previously mentioned 1.1375 level, this year high.
A quick spike of up to 1.1410 , which indicates further gains expose the 1.1460 level, a powerful and stable resistance that contained rallies for most of the year 2015.
As of today, the EUR/USD pair advanced up to 1.1332 stalling its run. This is as result the sentiment data releasein Europe. The data indicated that Consumer confidence remained flat at -9.7 in the month of March, while the Economic Sentiment indicator went down to 103.0 from 103.8 as predicted.
The US economic data is expected to release its ADP private survey soon. This will be a source of some hints on how the Nonfarm Payroll may come this Friday, and if negative, could hit the dollar further.
In summary, much is being told on the EUR/USD pair but the most expected thing is for the pair to shine up.