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31 Oct 2013
EUR/USD testing 1.3600
FXstreet.com (Edinburgh) -The shared currency keeps losing ground against the greenback on Thursday, with the EUR/USD now putting the 1.3600 mark to the test.
EUR/USD pierces 1.3600
A combination of disappointing results from German retail sales, EMU’s consumer prices and jobless figures and solid data from the US labour market and the Chicago PMI have plotted against any recovery attempt by the euro today, dragging the pair to fresh 2-week troughs below 1.3600 the figure. Strategists G.Moore and S.Osborne at TD Securities assessed “EUR/USD has been under heavy selling pressure as a result, building on the move that we’ve seen post-FOMC. From a bit broader context, the softer data also reinforces the view that Draghi will be justified in emphasizing the downside risks at next week’s ECB meeting”.
EUR/USD levels to watch
At the moment the pair is down 0.99% at 1.3598 facing the next support at 1.3516 (low Oct.17). On the upside, a break above 1.3649 (MA21d) would open the door to 1.3696 (low Oct.30) and finally 1.37399 (high Oct.31).
EUR/USD pierces 1.3600
A combination of disappointing results from German retail sales, EMU’s consumer prices and jobless figures and solid data from the US labour market and the Chicago PMI have plotted against any recovery attempt by the euro today, dragging the pair to fresh 2-week troughs below 1.3600 the figure. Strategists G.Moore and S.Osborne at TD Securities assessed “EUR/USD has been under heavy selling pressure as a result, building on the move that we’ve seen post-FOMC. From a bit broader context, the softer data also reinforces the view that Draghi will be justified in emphasizing the downside risks at next week’s ECB meeting”.
EUR/USD levels to watch
At the moment the pair is down 0.99% at 1.3598 facing the next support at 1.3516 (low Oct.17). On the upside, a break above 1.3649 (MA21d) would open the door to 1.3696 (low Oct.30) and finally 1.37399 (high Oct.31).