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14 Aug 2013
EMU GDP next: impact on EUR/USD
FXstreet.com (Edinburgh) -The advanced GDP figures for the second quarter are due later in the EMU. Prior estimates expect the bloc to finally leave the ‘technical’ recession, growing 0.2% inter-quarter albeit contracting at an annual pace of 0.8%.
The single currency is posting meager gains vs. the greenback on Tuesday, with the EUR/USD in the 1.3260/65 area after the upbeat data from French and German flash GDP figures during the second quarter. Key levels to watch in the wake of the data will be the psychological mark at 1.3200 followed by August lows at 1.3188. On the upside, the initial barrier lines up at 1.3345, July peaks, and then 1.3394, 200-week moving average.
“In the 4 hours chart technical indicators are also aiming higher near oversold territory, supporting current upward correction but far from suggesting upward strength”, commented Valeria Bednarik, Currency Strategist at FXstreet.com.
The single currency is posting meager gains vs. the greenback on Tuesday, with the EUR/USD in the 1.3260/65 area after the upbeat data from French and German flash GDP figures during the second quarter. Key levels to watch in the wake of the data will be the psychological mark at 1.3200 followed by August lows at 1.3188. On the upside, the initial barrier lines up at 1.3345, July peaks, and then 1.3394, 200-week moving average.
“In the 4 hours chart technical indicators are also aiming higher near oversold territory, supporting current upward correction but far from suggesting upward strength”, commented Valeria Bednarik, Currency Strategist at FXstreet.com.