Despite a Minor Pull-Back, EUR/USD Seems to Reclaim 1.1400 Mark

Despite a Minor Pull-Back, EUR/USD Seems to Reclaim 1.1400 Mark

Better-than-expected German employment number provided a mild up-tick for the EUR/USD pair, which rose to session high of 1.1368 before retracing back below 1.1350 level.

According to a report, released just a while ago, the number of unemployed people in Germany fell by 16,000 during the month of March as against expected rise of 1,000. Traders, however, would await for the release of US GDP print for the first quarter of 2016 before confirming that the pair has formed a near-term bottom around 1.1220-15 area.

Technical levels to watch

The pair has decisively broken through a short-term descending trend-line resistance near 1.1350 level and hence, could now be eyeing the very important resistance near 1.1400 round figure mark. A follow-up buying interest above 1.1400 handle would bring April high of 1.1465 into picture as the next resistance to clear.

On the downside, the descending trend-line resistance break-point (1.1350 level) now seems to act as immediate support. However, major downside support might now have been shifted to 1.1315-1.1300 area, which was acting as a strong resistance during the pair's recovery from 1.1220-15 support area.