Filed Under:
Forex pairs in this Article » EUR/USD (Edinburgh) - The single currency extends the bounce off the 1.3570 region on Wednesday, pushing the EUR/USD to the upper end of the intraday band near 1.3590.

EUR/USD higher despite EMU data

There was no surprise from the final GDP figures for the third quarter in the euro area, showing an annual contraction of 0.4% while advancing 0.1% inter-quarter. Retail Sales, however, came in short of expectations, contracting 0.2% YoY and 0.1% on a monthly basis. “The overall message from today’s Eurozone data releases is that the signs of recovery are not really spilling over to the consumer sector… Consumer confidence in the Eurozone may have improved, but fear of unemployment, fiscal austerity measures and weakened household balance sheets are still keeping many consumers cautious about spending”, assessed Martin van Vliet, Analyst at ING.

EUR/USD levels to consider

The pair is now up 0.02% at 1.3591 and a breakout of 1.3597 (high Dec.4) would open the door to 1.3614 (high Dec.3) and finally 1.3616 (high Dec.2). On the downside, the initial support aligns at 1.3561 (MA10d) ahead of 1.3525 (low Dec.2) and then 1.3515 (low Nov.26).
comments powered by Disqus