30 Jan 2014
EUR/USD softer despite German data
FXstreet.com (Edinburgh) - The EUR/USD continues to trade on the back footing on Thursday, challenging the critical support at 1.3600.
EUR/USD in weekly lows
The pair briefly tested sub-1.3600 levels although it quickly rebounded to the 1.3610/15 area after the German unemployment data bettered expectations during January. The jobless rate came in at 6.8% vs. 6.9% expected although the colourful note was the descent in the jobless change to 28K vs. -5K forecasted and -15K previous. Next on tap in the euro bloc will be EMU’s Consumer Confidence and Economic Sentiment ahead of key German CPI due later. “The release of the German CPI report for January will be in focus today. ECB concerns over low inflation or higher euro-zone short rates remain easing triggers”, observed Lee Hardman, Currency Analyst at BTMU.
EUR/USD levels to watch
The pair is now retreating 0.37% at 1.3603 and a break below 1.3598 (low Jan.30) would target 1.3564 (daily cloud base) en route to 1.3530 (low Jan.23). On the flip side, the initial hurdle aligns at 1.3666 (high Jan.30) ahead of 1.3685 (high Jan.29) and then 1.3689 (high Jan.28).
EUR/USD in weekly lows
The pair briefly tested sub-1.3600 levels although it quickly rebounded to the 1.3610/15 area after the German unemployment data bettered expectations during January. The jobless rate came in at 6.8% vs. 6.9% expected although the colourful note was the descent in the jobless change to 28K vs. -5K forecasted and -15K previous. Next on tap in the euro bloc will be EMU’s Consumer Confidence and Economic Sentiment ahead of key German CPI due later. “The release of the German CPI report for January will be in focus today. ECB concerns over low inflation or higher euro-zone short rates remain easing triggers”, observed Lee Hardman, Currency Analyst at BTMU.
EUR/USD levels to watch
The pair is now retreating 0.37% at 1.3603 and a break below 1.3598 (low Jan.30) would target 1.3564 (daily cloud base) en route to 1.3530 (low Jan.23). On the flip side, the initial hurdle aligns at 1.3666 (high Jan.30) ahead of 1.3685 (high Jan.29) and then 1.3689 (high Jan.28).