7 Aug 2013
EUR/USD back to 1.3300 on German data
FXstreet.com (Edinburgh) -The EUR/USD is posting fresh highs around 1.3320 on Wednesday after upbeat data from the German industrial sector.
EUR/USD bolstered by data, BoE
The German industrial production exceeded expectations in June, expanding at an annual pace of 2.0% and 2.4% inter-month vs. the median at -0.4% and 0.3%, respectively. The pair found extra support after the market judged Carney’s forward guidance as GBP-supportive, sending the sterling beyond 1.5400. “We recently had a cycle change date coming in on July 28th. This cycle should see the EURUSD trade to the lower end of the ranges… So at this point I am looking to sell rallies. We have a major resistance at 1.3350, and 1.3425 respectively. Conversely, we have minor support at 1.3280 and the major support at 1.3155 level”, suggested Tom Strignano Alongi, Strategist at Strignano Forex.
EUR/USD levels to watch
At the moment the pair is up 0.07% at 1.3315 and a surpass of 1.3323 (high Aug.6) would aim for 1.3345 (high Jul.31) and finally 1.3417 (high Jun.19). On the flip side, support levels are located at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level).
EUR/USD bolstered by data, BoE
The German industrial production exceeded expectations in June, expanding at an annual pace of 2.0% and 2.4% inter-month vs. the median at -0.4% and 0.3%, respectively. The pair found extra support after the market judged Carney’s forward guidance as GBP-supportive, sending the sterling beyond 1.5400. “We recently had a cycle change date coming in on July 28th. This cycle should see the EURUSD trade to the lower end of the ranges… So at this point I am looking to sell rallies. We have a major resistance at 1.3350, and 1.3425 respectively. Conversely, we have minor support at 1.3280 and the major support at 1.3155 level”, suggested Tom Strignano Alongi, Strategist at Strignano Forex.
EUR/USD levels to watch
At the moment the pair is up 0.07% at 1.3315 and a surpass of 1.3323 (high Aug.6) would aim for 1.3345 (high Jul.31) and finally 1.3417 (high Jun.19). On the flip side, support levels are located at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level).