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14 Aug 2013
EUR/USD recovers 1.3260 on US PPI
FXstreet.com (Edinburgh) -The shared currency is now attempting a bounce off session lows, lifting the EUR/USD to test the 1.3260 region after US data.
EUR/USD remains apathetic
Producer prices in the US economy came in softer than expectations, with the headline printing an annual expansion of 2.1% and 1.2% excluding food and energy costs vs. 2.4% and 1.4% previously estimated. FX Strategists G.Moore and S.Osborne at TD Securities observed that “EURUSD’s continued slide—running in face of decent Eurozone data lately—is providing a more clear rejection of important long term trend resistance near 1.3350/3400. As long as we don’t see a strong rebound above those levels before the end of the week, a further fall toward 1.31 is looking more likely in the weeks ahead”.
EUR/USD key levels
At the moment the pair is down 0.03% at 1.3260 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 remains apathetic
Producer prices in the US economy came in softer than expectations, with the headline printing an annual expansion of 2.1% and 1.2% excluding food and energy costs vs. 2.4% and 1.4% previously estimated. FX Strategists G.Moore and S.Osborne at TD Securities observed that “EURUSD’s continued slide—running in face of decent Eurozone data lately—is providing a more clear rejection of important long term trend resistance near 1.3350/3400. As long as we don’t see a strong rebound above those levels before the end of the week, a further fall toward 1.31 is looking more likely in the weeks ahead”.
EUR/USD key levels
At the moment the pair is down 0.03% at 1.3260 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).