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5 Feb 2015
EUR/USD rises above 1.14 after European commission upgrades growth outlook
FXStreet (Mumbai) - The EUR/USD pair rose above 1.14 levels after the upward revision of the 2015 GDP forecast by EC, overshadowed the ECB’s decision to cancel the soft treatment of Greek debt.
European Commission (EC) sees higher growth rate in 2015
The shared currency got its second wind as the EC, in its winter forecasts, revised its Eurozone 2015 GDP target to 1.3% from 1.1%. The 2016 GDP is seen at 1.9%. Meanwhile, the unemployment forecast is reduced to 11.2% from 11.3%. Earlier today, the EUR also received support from the better-than-expected German factory orders data.
The optimistic outlook overshadowed the European central Bank’s decision to cancel its acceptance of Greek bonds in return for funding, shifting the burden onto Athens' central bank to finance its lenders and isolating Greece unless it strikes a new reform deal.
EUR/USD Technical Levels
The pair currently trades 0.66% higher at 1.1419 levels. The immediate resistance is seen at 1.1445 and 1.1483 levels. Meanwhile, support is seen at 1.1394 and 1.1367 (hourly 100-SMA) levels.
European Commission (EC) sees higher growth rate in 2015
The shared currency got its second wind as the EC, in its winter forecasts, revised its Eurozone 2015 GDP target to 1.3% from 1.1%. The 2016 GDP is seen at 1.9%. Meanwhile, the unemployment forecast is reduced to 11.2% from 11.3%. Earlier today, the EUR also received support from the better-than-expected German factory orders data.
The optimistic outlook overshadowed the European central Bank’s decision to cancel its acceptance of Greek bonds in return for funding, shifting the burden onto Athens' central bank to finance its lenders and isolating Greece unless it strikes a new reform deal.
EUR/USD Technical Levels
The pair currently trades 0.66% higher at 1.1419 levels. The immediate resistance is seen at 1.1445 and 1.1483 levels. Meanwhile, support is seen at 1.1394 and 1.1367 (hourly 100-SMA) levels.