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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD may be in the early stages of a short-term pullback with more downside likely still ahead.

EUR/USD traders to monitor light data flow Friday

Mixed US data and some surprisingly bad European data combined to lay the foundation for a down day Thursday. Talk of Fed QE tapering added to the US Dollar bullishness and further weighed down the EUR/USD.

Friday, EUR/USD traders will be closely monitoring the following data points out of Europe and the US including:

• German Wholesale Prices
• EuroZone Employment data
• and, the US Producer Price Index

Technical outlook for EURUSD

Technicians say the EUR/USD hit its next short-term target at 1.3791 and has shown signs of a pause there before it should continue on up to the next resistance at 1.3803 – the 10/25 close. The short-term support for the cross comes in at Monday’s low of 1.3693 and will be followed up by Friday’s low of 1.3619.
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