10 Jul 2013
EUR/USD retakes 1.2800
FXstreet.com (Edinburgh) - The shared currency is now posting fresh intraday highs beyond the key mark at 1.2800 on Wednesday, as risk appetite is gathering traction.
EUR/USD remains vulnerable
The greenback, in terms of the US Dollar index, is taking a breather, giving some oxygen to the risk-associated assets and lifting the pair to the 1.2820 region. Data-wise in Euroland, French industrial output contracted less than expected during May, although representing a clear pullback from April’s 2.2% advance, while Italian Industrial Output contracted in line with expectations and previous print, albeit still entrenched in the contraction territory. In light of the recent rumours citing the ECB’s forward guidance, Derek Halpenny, European Head of Global Markets Research, commented, “This more dovish ECB stance will ensure for now that EUR/USD remains under downward pressure”.
EUR/USD key levels
The pair is now up 0.34% at 1.2825 and a breakout of 1.2845 (prior intraday low) would open the door to 1.2898 (high Jul.9) and then 1.2916 (high Jul.5). On the opposite side, support levels align at 1.2765 (weekly cloud base) ahead of 1.2755 (low Jul.9) and finally 1.2740 (2013 low Apr.4).
EUR/USD remains vulnerable
The greenback, in terms of the US Dollar index, is taking a breather, giving some oxygen to the risk-associated assets and lifting the pair to the 1.2820 region. Data-wise in Euroland, French industrial output contracted less than expected during May, although representing a clear pullback from April’s 2.2% advance, while Italian Industrial Output contracted in line with expectations and previous print, albeit still entrenched in the contraction territory. In light of the recent rumours citing the ECB’s forward guidance, Derek Halpenny, European Head of Global Markets Research, commented, “This more dovish ECB stance will ensure for now that EUR/USD remains under downward pressure”.
EUR/USD key levels
The pair is now up 0.34% at 1.2825 and a breakout of 1.2845 (prior intraday low) would open the door to 1.2898 (high Jul.9) and then 1.2916 (high Jul.5). On the opposite side, support levels align at 1.2765 (weekly cloud base) ahead of 1.2755 (low Jul.9) and finally 1.2740 (2013 low Apr.4).