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14 Aug 2013
EUR/USD muted after EMU GDP
FXstreet.com (Edinburgh) -The single currency remained almost unchanged after the better-than-expected EMU GDP print during the Q2, with the EUR/USD navigating around the 1.3260 region.
EUR/USD consolidating around 1.3260/70
The euro zone finally managed to exit the recession territory, expanding 0.3% inter-quarter in the three months to June, surpassing estimates at 0.2% and leaving behind Q1’s 0.3% contraction. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented the pair “is still coming off its current August high at 1.3401 and targets the 1.3208/1.3188 support zone…Only a drop through this support area will alleviate recent upside pressure. Failure here will target the 1.3000 region”.
EUR/USD levels to watch
At the moment the pair is down 0.03% at 1.3261 and a breakdown of 1.3233 (low Aug.5) would aim for 1.3200 (psychological level) and finally 1.3188 (low Aug.2). On the other hand, the initial resistance aligns at 1.3295 (MA10d) followed by 1.3317 (high Aug.13) and then 1.3345 (high Aug.12).
EUR/USD consolidating around 1.3260/70
The euro zone finally managed to exit the recession territory, expanding 0.3% inter-quarter in the three months to June, surpassing estimates at 0.2% and leaving behind Q1’s 0.3% contraction. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented the pair “is still coming off its current August high at 1.3401 and targets the 1.3208/1.3188 support zone…Only a drop through this support area will alleviate recent upside pressure. Failure here will target the 1.3000 region”.
EUR/USD levels to watch
At the moment the pair is down 0.03% at 1.3261 and a breakdown of 1.3233 (low Aug.5) would aim for 1.3200 (psychological level) and finally 1.3188 (low Aug.2). On the other hand, the initial resistance aligns at 1.3295 (MA10d) followed by 1.3317 (high Aug.13) and then 1.3345 (high Aug.12).