Forex: EUR/USD plunges back to lows after EMU data
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EUR/USD
FXstreet.com (Barcelona) - The EURUSD has been under a corrective mood today to ease the overextended rally seen last week. Price action went as low as 1.3425 on the European opening, before bouncing ahead of EMU data.
EMU money supply eased from 3.8% to 3.3% (YoY) in December, instead of rising to 3.9%. The 3m basis registed a rise from 3.4% to 3.7%. Private Loans contracted -0.7% in December (YoY). The Italian Consumer Confidence dropped from 85.7 to 84.6 in January, despite the rising consensus to 86.0.
Now that data is out, the EURUSD plunged back to its lows. "Hourly studies are in descending mode, off overbought territory, however, strong 4h chart readings see room for attempt through 1.3500, with 20 day EMA and previous highs at 1.3400, offering good support for now", wrote Windsor Brokers analyst Slobodan Drvenica.
EMU money supply eased from 3.8% to 3.3% (YoY) in December, instead of rising to 3.9%. The 3m basis registed a rise from 3.4% to 3.7%. Private Loans contracted -0.7% in December (YoY). The Italian Consumer Confidence dropped from 85.7 to 84.6 in January, despite the rising consensus to 86.0.
Now that data is out, the EURUSD plunged back to its lows. "Hourly studies are in descending mode, off overbought territory, however, strong 4h chart readings see room for attempt through 1.3500, with 20 day EMA and previous highs at 1.3400, offering good support for now", wrote Windsor Brokers analyst Slobodan Drvenica.
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