US Dollar lower against the EUR after disappointed data
on Wednesday. EURUSD extended its recovery the
low from 1.0958, currently trading in 1.1024, after making the day high of
1.1046.
The
U.S. Commerce Department said its New Home sales
dropped by 9.2% to 494,000 units last month, compared to expectations for a
decline of 4.4% to 520,000. US Markit services PMI fell to 49.8 in February, below the 53.5
expected. Meanwhile Crude oil inventories increased to 3.502M with the
expectation of 3.427M, underlined weakened US data.
Intraday support at 1.1000 where the
0.5 Fib retracement level on Hourly chart. In a Daily chart, during a downtrend, there is
a sell off after the candle starts. However, the candle closes
at or near its high. This signifies a weakening of the previous bearish
sentiment.
