9 Dec 2014
EUR/USD remains well supported by German trade balance data
FXStreet (Mumbai) - The EUR/USD pair is back above the 5-DMA level located 1.2324 levels after the official data showed German exports in October rose to a new record in unadjusted terms.
The pair now trades 0.15% higher at 1.2333 levels, compared to the previous session’s close of 1.2310. The currency finished above 1.23 levels yesterday after the European Central Bank (ECB) data showed a slowdown in the covered bond and asset-backed-securities purchases during the last week.
Meanwhile, the gains were extended today as the German exports in unadjusted terms rose to EUR 103.9 billion in October, surpassing the previous month's record of EUR 102.5 billion. In adjusted terms, faster fall in imports led to a rise in the trade surplus to EUR 20.6 billion, which exceeded the previous month's surplus of EUR 18.6 billion. Moreover, exports to countries outside the Eurozone grew by 6.3%.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2358 levels, above which gains could be extended to 1.24 levels. Meanwhile, support is seen at 1.2292 and 1.2232 levels.
The pair now trades 0.15% higher at 1.2333 levels, compared to the previous session’s close of 1.2310. The currency finished above 1.23 levels yesterday after the European Central Bank (ECB) data showed a slowdown in the covered bond and asset-backed-securities purchases during the last week.
Meanwhile, the gains were extended today as the German exports in unadjusted terms rose to EUR 103.9 billion in October, surpassing the previous month's record of EUR 102.5 billion. In adjusted terms, faster fall in imports led to a rise in the trade surplus to EUR 20.6 billion, which exceeded the previous month's surplus of EUR 18.6 billion. Moreover, exports to countries outside the Eurozone grew by 6.3%.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2358 levels, above which gains could be extended to 1.24 levels. Meanwhile, support is seen at 1.2292 and 1.2232 levels.