9 Dec 2013
EUR/USD muted after German data
FXstreet.com (Edinburgh) - The single currency kept the range after the softer tone from the German docket on Monday, with the EUR/USD hovering over 1.3715/20.
EUR/USD remains well bid
The EUR remained apathetic after German Industrial Production contracted below estimates 1.2% inter-month and expanded 1.0% during October, gyrating around the upper band of today’s range. In the opinion of Carsten Brzeski, Analyst at ING, “With a narrowing trade surplus and dropping industrial production the German economy did not have the overwhelming start to the fourth quarter confidence indicators had suggested. Still, in our view, the economy should pick up speed again, ending the year on a positive note”.
EUR/USD key levels
At the moment the pair is up 0.14% at 1.3721 and a break above 1.3748 (high Dec.9) would expose 1.3787 (high Oct.30) and finally 1.3818 (high Oct.28). On the flip side, the initial support aligns at 1.3620 (low Dec.6) followed by 1.3615 (MA10d) ahead of 1.3547 (MA21d).
EUR/USD remains well bid
The EUR remained apathetic after German Industrial Production contracted below estimates 1.2% inter-month and expanded 1.0% during October, gyrating around the upper band of today’s range. In the opinion of Carsten Brzeski, Analyst at ING, “With a narrowing trade surplus and dropping industrial production the German economy did not have the overwhelming start to the fourth quarter confidence indicators had suggested. Still, in our view, the economy should pick up speed again, ending the year on a positive note”.
EUR/USD key levels
At the moment the pair is up 0.14% at 1.3721 and a break above 1.3748 (high Dec.9) would expose 1.3787 (high Oct.30) and finally 1.3818 (high Oct.28). On the flip side, the initial support aligns at 1.3620 (low Dec.6) followed by 1.3615 (MA10d) ahead of 1.3547 (MA21d).