4 Sep 2013
EUR/USD retesting daily highs
FXstreet.com (Lisbon) - The EUR/USD foreign exchange rate managed crept back higher to retest earlier highs during European trading, despite uneven economic data permeating the markets thus far.
In the EMU, Gross Domestic Product s.a. (YoY) yielded a figure of -0.5% in Q2, beating a consensus of -0.7%. Finally, Retail Sales (YoY) were reported at -1.3% in July, compared to estimates of -0.4%
EUR/USD technical levels
In these moments, the EUR/USD is now trading at 1.3178, notching a marginal advance of +0.03% above its opening. Glancing at the technicals, the EUR/USD remains fortified above support at 1.3138, ahead of 1.3104 and 1.3089, notes the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD is continuing to grind lower and we note that the market has reached its 200-day MA at 1.3146. We suspect that this may prompt some profit taking. However intraday charts are indicating that rallies should be contained by 1.3200/1.3240 for further losses.”
In the EMU, Gross Domestic Product s.a. (YoY) yielded a figure of -0.5% in Q2, beating a consensus of -0.7%. Finally, Retail Sales (YoY) were reported at -1.3% in July, compared to estimates of -0.4%
EUR/USD technical levels
In these moments, the EUR/USD is now trading at 1.3178, notching a marginal advance of +0.03% above its opening. Glancing at the technicals, the EUR/USD remains fortified above support at 1.3138, ahead of 1.3104 and 1.3089, notes the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD is continuing to grind lower and we note that the market has reached its 200-day MA at 1.3146. We suspect that this may prompt some profit taking. However intraday charts are indicating that rallies should be contained by 1.3200/1.3240 for further losses.”