31 Jan 2014
EUR/USD, road to 1.3500?
FXstreet.com (Edinburgh) - The EUR/USD is extending its intraday decline after the less auspicious data from the EMU's consumer prices for the month of January, hovering over 1-week lows below 1.3530.
EUR/USD wobbling ahead of the ECB
The pair would come under pressure in light of the ECB meeting due next week after EMU’s advanced inflation figures came in softer than expected, rising 0.7% on a yearly basis vs. 0.9% estimated and down from December’s 0.8%. The data add to the disappointing Retail Sales in Germany, contracting beyond estimates more than 2% in December. Further data from the 18-nation bloc reported a steady unemployment rate at 12.0% in December, bettering forecasts at 12.1% however.
EUR/USD significant levels
As of writing the pair is retreating 0.14% at 1.3529 facing the next support at 1.3517 (low Jan.21) followed by 1.3508 (2014 low Jan.20) and ahead of 1.3490 (low Nov.25). On the upside, a breakout of 1.3564 (daily cloud base) would target 1.3601 (100-d MA) en route to 1.3615 (10-d MA).
EUR/USD wobbling ahead of the ECB
The pair would come under pressure in light of the ECB meeting due next week after EMU’s advanced inflation figures came in softer than expected, rising 0.7% on a yearly basis vs. 0.9% estimated and down from December’s 0.8%. The data add to the disappointing Retail Sales in Germany, contracting beyond estimates more than 2% in December. Further data from the 18-nation bloc reported a steady unemployment rate at 12.0% in December, bettering forecasts at 12.1% however.
EUR/USD significant levels
As of writing the pair is retreating 0.14% at 1.3529 facing the next support at 1.3517 (low Jan.21) followed by 1.3508 (2014 low Jan.20) and ahead of 1.3490 (low Nov.25). On the upside, a breakout of 1.3564 (daily cloud base) would target 1.3601 (100-d MA) en route to 1.3615 (10-d MA).