28 May 2014
EUR/USD unmotivated near 1.3620
FXStreet (Edinburgh) - The single currency remains on the back footing on Wednesday, taking the EUR/USD to the 1.3620/15 area post-German data.
EUR/USD hurt by German data, eyes ECB
The pair deflated from the 1.3635/30 region after German labour market data disappointed investors in April, although improvements from EMU’s Economic Sentiment and Business Climate prevented spot from falling any further. The ECB meeting next week continues to be on the horizon, prompting investors to remain on the cautious side. “But even though the weak money and credit growth figures released earlier today argue in favour of further decisive monetary easing, the sentiment improvement in May gives the hawks on the ECB’s governing council some ammunition to await further information before subscribing to a new “we’ll do whatever it takes” promise”, assessed Peter Vanden Houte, Analyst at ING Bank.
EUR/USD relevant levels
As of writing the pair is losing 0.07% at 1.3625 with the next support at 1.3612 (low May 27) ahead of 1.3585 (low Feb.13) and finally 1.3563 (low Feb.12). On the upside, a break above1.3669 (high May 27) would target 1.3673 (Tenkan Sen) en route to 1.3688 (high May 22).
EUR/USD hurt by German data, eyes ECB
The pair deflated from the 1.3635/30 region after German labour market data disappointed investors in April, although improvements from EMU’s Economic Sentiment and Business Climate prevented spot from falling any further. The ECB meeting next week continues to be on the horizon, prompting investors to remain on the cautious side. “But even though the weak money and credit growth figures released earlier today argue in favour of further decisive monetary easing, the sentiment improvement in May gives the hawks on the ECB’s governing council some ammunition to await further information before subscribing to a new “we’ll do whatever it takes” promise”, assessed Peter Vanden Houte, Analyst at ING Bank.
EUR/USD relevant levels
As of writing the pair is losing 0.07% at 1.3625 with the next support at 1.3612 (low May 27) ahead of 1.3585 (low Feb.13) and finally 1.3563 (low Feb.12). On the upside, a break above1.3669 (high May 27) would target 1.3673 (Tenkan Sen) en route to 1.3688 (high May 22).