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Forex pairs in this Article » EUR/USD (Chicago) - EUR/USD plunged throughout Thursday’s session accumulating 0.70% daily losses so far, now 1% losses this week. Most data released in Germany indicated economic challenges to meet expectations similarly to the American facts released in the country.

Economies underperforming

Amid concerns on potential attack against Syria, market participant’s weight in Fed’s tapering after weaker-than-expected US data released today. Indeed, initial jobless claims were 331K vs. estimates at 329K and previous 337K. Continuing jobless claims are 2.989M vs. previous 3.330M and projections at 2.980M. The GDP price index for Q2 of the year was flat vs. expectations at 1.3% matching past results. In Europe, more specifically in Germany, leading economy in the European Union, unemployment rate was 6.8% matching expectations. Unemployment change for August, though, was 7K vs. previous -7K and expected -5K. The consumer price index (MoM) was flat vs. projections at 0.1% and past 0.5% equally to the harmonized index of consumer price (MoM) failing to meet expectations at 0.1% and past results at 0.4%.

EUR/USD Technical Levels

Price action reveals a sharp decline throughout the journey but with potential reversal consolidating during the afternoon of the American trading session. The pair is currently offered at 1.2345 and navigates between supports at 1.3232 (August 14th lows), 1.3210 (August 15th lows) ahead of 1.3189 (August 2nd lows) and resistances at 1.3265 (August 8th lows), 1.3296 (August 22nd lows) followed by 1.3323 (August 27th lows). According to the trend index, the pair is slightly bearish on one-hour timeframe analysis and trades below the EMA20.
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