EUR/USD attempts to recover post-trade balance data

By FXstreet.com | August 06, 2014 AAA

FXStreet (San Francisco) - The Euro bottomed at 1.3330, nearly 9-month lows , against the US Dollar and now the pair is attempting to recover ground around 1.3355 following the narrowing in the US deficit in trade balance in June.



The US trade balance showed a 41.54 Bn deficit in June, lower than expected and a decline from revised 44.66 Bn in June.



Currently, EUR/USD is trading at 1.3350, down -0.19% on the day, having posted a daily high at 1.3377 and low at 1.3333. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.



EUR/USD sentiment



"EUR/USD has rebounded to the low 1.3350 after slipping as low as 1.3334 earlier in the day on poor Italian GDP and a big drop in German factory orders," comments Jamie Coleman from FXXBeat. "Looks like we may be in for some backing and filling for the time being."



First resistance lies at 1.3360 ahead of 1.375 and 1.3400. On the downside, supports are at 1.3330, 1.3300 and 1.3250.



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