12 Aug 2015
EUR/USD off highs on EMU data
FXStreet (Edinburgh) - The single currency is now surrendering part of its initial gains vs. the greenback and pushing EUR/USD back to the 1.1120 area.
EUR/USD consolidates above 1.1100
After climbing above the 1.1150 level, spot came under pressure after miserable prints from Industrial Production in the euro bloc. In fact, Industrial Production contracted at a seasonally adjusted monthly pace of 0.4% during June vs. expectations for a 0.2% drop, while it expanded 1.2% over the last twelve months.
In the meantime, the broader sentiment remains EUR-supportive after market participants have shrugged off another lower fixing in the Chinese Yuan during the Asian trading hours.
EUR/USD levels to watch
As of writing the pair is advancing 0.79% at 1.1130 with the next hurdle at 1.1158 (high Aug.12) ahead of 1.1197 (high Jul.13) and then 1.1215 (high Jul.10). On the downside, a break below 1.1057 (low Aug.12) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7).
EUR/USD consolidates above 1.1100
After climbing above the 1.1150 level, spot came under pressure after miserable prints from Industrial Production in the euro bloc. In fact, Industrial Production contracted at a seasonally adjusted monthly pace of 0.4% during June vs. expectations for a 0.2% drop, while it expanded 1.2% over the last twelve months.
In the meantime, the broader sentiment remains EUR-supportive after market participants have shrugged off another lower fixing in the Chinese Yuan during the Asian trading hours.
EUR/USD levels to watch
As of writing the pair is advancing 0.79% at 1.1130 with the next hurdle at 1.1158 (high Aug.12) ahead of 1.1197 (high Jul.13) and then 1.1215 (high Jul.10). On the downside, a break below 1.1057 (low Aug.12) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7).