FXStreet (Edinburgh) - The demand for the single currency remains subdued on Thursday, with the EUR/USD navigating the lower band of the range near 1.3380.
EUR/USD focus on US data
Spot continues to trade in a heavy tone today while the greenback stays firm ahead of the weekly report on the US labour market (Claims expected at 301K in the week ended on July 25th). Data wise in Euroland, the German unemployment decreased by 12K vs. 5K expected and the more relevant advanced figures for the EMU’s CPI rose 0.4% on a yearly basis for the month of July vs. 0.5% estimated. “Persistency around 1.3375/85 keeps the 1.30/1.32 range within reach in the next few weeks”, observed Shaun Osborne, Chief FX Strategy at TD Securities.
EUR/USD key levels
The pair is now losing 0.12% at 1.3380 facing the next support at 1.3366 (2014 low Jul.30) followed by 1.3359 (low Nov.12 2013) and then 1.3345 (low Nov.11 2013). On the flip side, a break above 1.3416 (high Jul.30) would target 1.3444 (highs Jul.28/29) en route to 1.3451 (10-d MA).