8 Aug 2013
EUR/USD retreats from 1.3360
FXstreet.com (Edinburgh) -The bloc currency continues to push higher on Thursday, with the EUR/USD giving away some pips after testing highs in the boundaries of 1.3360.
EUR/USD closer to 1.3400
Positive data from Chinese trade numbers overnight are bolstering the risk-associated assets during the European morning, with the pair advancing for the fifth consecutive week. Kit Juckes, Strategist at Societe Generale, commented, “The biggest data surprise yesterday however was the jump in German industrial production, which has forecasters all excited about a bounce in Q2 GDP. The Euro Zone recession is over. I’m not going to get over-excited (all we get instead is stagnation) but I expect to see a stronger euro… Bunds on the back foot after so much out-performance vs. the US… more of the world’s yield-seekers heading to Spain; and perhaps a brighter end to the week for risk assets generally”.
EUR/USD levels to watch
The pair is now advancing 0.05% at 1.3346 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).
EUR/USD closer to 1.3400
Positive data from Chinese trade numbers overnight are bolstering the risk-associated assets during the European morning, with the pair advancing for the fifth consecutive week. Kit Juckes, Strategist at Societe Generale, commented, “The biggest data surprise yesterday however was the jump in German industrial production, which has forecasters all excited about a bounce in Q2 GDP. The Euro Zone recession is over. I’m not going to get over-excited (all we get instead is stagnation) but I expect to see a stronger euro… Bunds on the back foot after so much out-performance vs. the US… more of the world’s yield-seekers heading to Spain; and perhaps a brighter end to the week for risk assets generally”.
EUR/USD levels to watch
The pair is now advancing 0.05% at 1.3346 facing the next resistance at 1.3417 (high Jun.19) ahead of 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740). On the downside, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).