EURUSD rose yesterday and closed at 1.3709. The single European currency strengthened against its US counterpart after worse than expected US Unemployment Claims data and comments from the Fed chief Janet Yellen. In her testimony Janet Yellen opined that the unusual cold weather has played a role in the recent worse than expected US data. Yellen confirmed that the US central bank would continue tapering its QE measure in the upcoming policy meeting even if the labour market shows some signs of weakness in the recovery. The Unemployment Claims in the United States rose to a reading of 348K during the last week.
Data released today showed that the Consumer Price Index Flash Estimate year over year remained steady at 0.8 percent in February. Investors are now looking forward for the Preliminary GDP report from the United States as well as the Chicago PMI and the Pending Home Sales month over month report.
Support for the EURUSD is seen at 1.3696 and resistance is seen at 1.3805. The HotForex Traders Board shows that 78 percent of the traders are short on the EURUSD.
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EURUSD trading near the 1.3800 level ahead of the US Preliminary GDP data
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