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5 Jun 2013
EUR/USD in lows after EMU GDP, sales
FXstreet.com (Barcelona) - The selling pressure in the euro is now accelerating, dragging the EUR/USD to fresh intraday lows on poor data from EMU’s GDP and Retail Sales.
Sales in the bloc contracted more than expected in April, falling 0.5% MoM and 1.1% over the last twelve months. In the same direction, the economic activity fell 0.2% inter-quarter during the first quarter and dropped at an annual pace of 1.1% vs. the median at 1.0%. the pair dipped to the boundaries of 1.3050 in the wake of the data.
As of writing, the pair is down 0.17% at 1.3059 and a violation of 1.3043 (low Jun.4) would target 1.3040 (MA200d) en route to 1.2985 (MA10d). On the flip side, resistance levels align at 1.3108 (high Jun.3) ahead of 1.3138 (76.4% of 1.3243-1.2796) and finally 1.3194 (high May 8).
Sales in the bloc contracted more than expected in April, falling 0.5% MoM and 1.1% over the last twelve months. In the same direction, the economic activity fell 0.2% inter-quarter during the first quarter and dropped at an annual pace of 1.1% vs. the median at 1.0%. the pair dipped to the boundaries of 1.3050 in the wake of the data.
As of writing, the pair is down 0.17% at 1.3059 and a violation of 1.3043 (low Jun.4) would target 1.3040 (MA200d) en route to 1.2985 (MA10d). On the flip side, resistance levels align at 1.3108 (high Jun.3) ahead of 1.3138 (76.4% of 1.3243-1.2796) and finally 1.3194 (high May 8).