EUR/USD consolidating the downside below 1.36 handle

By FXstreet.com | July 10, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3595, down -0.34% on the day, having posted a daily high at 1.3652 and low at 1.3589.

EUR/USD is consolidating the losses here from the drop out of the 1.36 handle while the US jobless claims numbers improved and further more, the European data had greatly disappointed to begin with. Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained that the dismal news from Europe came in the way of industrial production figures. “Neither the PMI readings nor even the somewhat softer German data had prepared the market for today's shockers….French industrial output was expected to rise 0.2% in May. Instead it collapsed 1.7%, led by a 2.3% decline in manufacturing (large drop in refining and coke-making--not a joke--too easy--especially given the methodological revisions to include some underground activity into GDP calculations)."

EUR/USD Levels

With spot trading at 1.3595, we can see next resistance ahead at 1.3602 (Yesterday's Low), 1.3609 (Hourly 100 SMA), 1.3612 (Daily Classic S1) and 1.3620 (Hourly 20 EMA). Support below can be found at 1.3589 (Daily Low), 1.3583 (Daily Classic S2), 1.3564 (Daily Classic S3), 1.3553 (Weekly Classic S1) and 1.3532 (Monthly Low).

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