EURUSD LOOKS PAST WEAK GERMAN DATA
The euro currency continues to trade towards the 1.1650 level against the US dollar, despite much weaker than expected German Factory Orders data this morning. EURUSD buyers are once again attempting to break key resistance, while the MACD indicator across the four-hour time frame is now starting to trend higher. Traders now look to the release of the ADP jobs report from the United States economy.
The EURUSD pair is only bullish while trading above the 1.1650 level, key technical resistance is found at the 1.1681 and 1.1730 levels.
If the EURUSD pair falls below the 1.1610 level, sellers will likely test towards the 1.1580 and 1.1553 support levels.