7 Sep 2015
EUR/USD: Bulls unimpressed by German data, drops to 1.1130
FXStreet (Mumbai) - The EUR/USD pair fell further into the red zone in the European morning, as mixed releases of German industrial production figures failed to provide any respite to the EUR bulls.
EUR/USD eyes 1.1100
The EUR/USD pair trades -0.20% lower at 1.1130, on its way to 1.1100 levels. The shared currency ran through fresh sellers as the European traders negatively reacted to the latest German industrial output data which was largely read as mixed.
Industrial output in Germany posted 0.7% growth in July, seasonally adjusted, after reporting a revised 0.9% negative growth in June. Market analysts had expected 0.9% growth. In annual terms, production added 0.5% in July, compared to a revised 0.9% gain seen in June, while markets had projected 0.1% growth.
Looking ahead, amid a data-empty European calendar and low volumes as US markets remain close today, markets will continue digesting Thursday's statement from ECB and Friday's payrolls, which reinforces divergent monetary policy outlooks between both the continents, thus weighing on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1188 (Aug 14 High), above which gains could be extended to 1.1213 (Aug 12 High) levels. On the flip side, support is seen at 1.1086 (Sept 3 Low) below which it could extend losses to 1.1023 (Aug 12 Low) levels.
EUR/USD eyes 1.1100
The EUR/USD pair trades -0.20% lower at 1.1130, on its way to 1.1100 levels. The shared currency ran through fresh sellers as the European traders negatively reacted to the latest German industrial output data which was largely read as mixed.
Industrial output in Germany posted 0.7% growth in July, seasonally adjusted, after reporting a revised 0.9% negative growth in June. Market analysts had expected 0.9% growth. In annual terms, production added 0.5% in July, compared to a revised 0.9% gain seen in June, while markets had projected 0.1% growth.
Looking ahead, amid a data-empty European calendar and low volumes as US markets remain close today, markets will continue digesting Thursday's statement from ECB and Friday's payrolls, which reinforces divergent monetary policy outlooks between both the continents, thus weighing on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1188 (Aug 14 High), above which gains could be extended to 1.1213 (Aug 12 High) levels. On the flip side, support is seen at 1.1086 (Sept 3 Low) below which it could extend losses to 1.1023 (Aug 12 Low) levels.