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5 Dec 2014
EUR/USD flat lining around 1.2370
FXStreet (Edinburgh) - The single currency is trading almost unchanged vs. the US dollar on Friday, taking EUR/USD to the 1.2370 area.
EUR/USD indifferent to German data
The EUR posted no reaction after German Factory Orders surpassed expectations in October, growing 2.5% inter-month vs. 0.5% forecasted and 1.1% previous; on a yearly basis, orders expanded 2.4%. Next of note in the region will be the GDP figures during the third quarter, expected at 0.2% QoQ and 0.8% over the last twelve months. Spot partially retraced yesterday’s spike to 1.2460 post-Draghi’s press conference, looking to stabilize ahead of today’s US Payrolls (232K exp.). Following the ECB gathering on Thursday, Senior Analyst at Danske Bank Pernille Nielsen argued “In our view, it looks very likely that the ECB will ease at the meeting in January, as we expect the December TLTRO to disappoint and inflation to decline further in December”.
EUR/USD levels to watch
At the moment the pair is down 0.03% at 1.2377 with the immediate support at 1.2280 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2393 (high Dec.5) would open the door to 1.2426 (10-d MA) and then 1.2453 (21-d MA).
EUR/USD indifferent to German data
The EUR posted no reaction after German Factory Orders surpassed expectations in October, growing 2.5% inter-month vs. 0.5% forecasted and 1.1% previous; on a yearly basis, orders expanded 2.4%. Next of note in the region will be the GDP figures during the third quarter, expected at 0.2% QoQ and 0.8% over the last twelve months. Spot partially retraced yesterday’s spike to 1.2460 post-Draghi’s press conference, looking to stabilize ahead of today’s US Payrolls (232K exp.). Following the ECB gathering on Thursday, Senior Analyst at Danske Bank Pernille Nielsen argued “In our view, it looks very likely that the ECB will ease at the meeting in January, as we expect the December TLTRO to disappoint and inflation to decline further in December”.
EUR/USD levels to watch
At the moment the pair is down 0.03% at 1.2377 with the immediate support at 1.2280 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2393 (high Dec.5) would open the door to 1.2426 (10-d MA) and then 1.2453 (21-d MA).