4 Sep 2013
EUR/USD muted after EMU data
FXstreet.com (Edinburgh) -The EUR/USD quickly faded the spike beyond 1.3180 soon after the results from EMU’s retail sales during July and the GDP figures for the second quarter.
EUR/USD kept the range
Retail sales in the euro area disappointed investors, expanding only 0.1% inter-month and contracting 1.3% over the last twelve months, both prints missing the median at 0.4% and -0.4%, respectively. On the other hand, EMU’s economic activity fell at an annual pace of 0.5% vs. an expected drop of 0.7%, while on a yearly basis it grew 0.3%, banging on estimates. In the opinion of Stoyan Mihaylov, strategist at DeltaStock.com, “Although the intraday bias is undoubtedly bearish, I favor one more upswing towards 1.3230-50 before a sustained break through 1.3160, en route to 1.3050. Key intraday resistance is set at 1.3198”.
EUR/USD key levels
At the moment the pair is flat at 1.3171 and a breakdown of 1.3138 (low Sep.3) would target 1.3115 (low Jul.22) en route to 1.3089 (low Jul.19). On the upside, the initial hurdle lines up at 1.3197 (high Sep.3) ahead of 1.3219 (low Aug.29) and finally 1.3237 (high Sep.2).
EUR/USD kept the range
Retail sales in the euro area disappointed investors, expanding only 0.1% inter-month and contracting 1.3% over the last twelve months, both prints missing the median at 0.4% and -0.4%, respectively. On the other hand, EMU’s economic activity fell at an annual pace of 0.5% vs. an expected drop of 0.7%, while on a yearly basis it grew 0.3%, banging on estimates. In the opinion of Stoyan Mihaylov, strategist at DeltaStock.com, “Although the intraday bias is undoubtedly bearish, I favor one more upswing towards 1.3230-50 before a sustained break through 1.3160, en route to 1.3050. Key intraday resistance is set at 1.3198”.
EUR/USD key levels
At the moment the pair is flat at 1.3171 and a breakdown of 1.3138 (low Sep.3) would target 1.3115 (low Jul.22) en route to 1.3089 (low Jul.19). On the upside, the initial hurdle lines up at 1.3197 (high Sep.3) ahead of 1.3219 (low Aug.29) and finally 1.3237 (high Sep.2).