EUR/USD keeps the mood above 1.3200

By FXstreet.com | August 28, 2014 AAA

FXStreet (Edinburgh) - The shared currency is holding on to the 1.3200 handle on Thursday, lifting the EUR/USD to the 1.3210/15 band following data in Euroland

EUR/USD clinching to 1.3200

Spot maintains the bid tone despite the German unemployment increased by 1K (vs. -5K expected) and the jobless rate stayed put at 6.7%, matching forecasts. . Further releases showed that Private Loans in the region contracted at an annual pace of 1.6% in July and the M3 Money Supply expanded 1.8% on a yearly basis. Next of relevance will be EMU’s Consumer Confidence (-10.0 exp.) and Economic Sentiment (101.5 exp.). “The recovery ahead of the support highlighted at 1.3145/50 yesterday suggests that this pair has likely seen a temporary low. The current movement is part of consolidation phase; expect range trading between 1.3175 and 1.3220 for today”, suggested Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD key levels

At the moment the pair is up 0.14% at 1.3212 with the next resistance at 1.3221 (high Aug.25) ahead of 1.3297 (high Aug.22) and finally 1.3324 (high Aug.20). On the flip side, a breakdown of 1.3152 (trend low Aug.27) would aim for 1.3105 (low Sep.6 2013) and then 1.3089 (low Jul.19 2013).

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