15 Sep 2015
EUR/USD: Weak US industrial production ignored, trades above 1.13
FXStreet (Mumbai) - The EUR/USD pair recovered above 1.13, but remains under pressure as the positive action in the US stocks overshadowed the weak US industrial production figure.
US stocks rise, EUR remains on a back foot
The S&P 500 index rose 5 points in the early US session after falling 8 points on Monday. The DJIA also strengthened 48 points. Consequently, the EUR remains moderately under pressure, trading around 1.1310 levels.
The US industrial production in August contracted 0.4%, compared to the expected 0.2% contraction. The weak data managed to ensure that the pair recovered from 1.1293 to trade just above 1.13 levels. With no major data due now, the focus I likely to be on the action in the US equity markets.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1323 (hourly 50-MA), above which the spot could rise to 1.1373 (previous day’s high). On the other side, support is seen at 1.1284 (daily low), under which the pair could drop to its 200-DMA located at 1.1239.
US stocks rise, EUR remains on a back foot
The S&P 500 index rose 5 points in the early US session after falling 8 points on Monday. The DJIA also strengthened 48 points. Consequently, the EUR remains moderately under pressure, trading around 1.1310 levels.
The US industrial production in August contracted 0.4%, compared to the expected 0.2% contraction. The weak data managed to ensure that the pair recovered from 1.1293 to trade just above 1.13 levels. With no major data due now, the focus I likely to be on the action in the US equity markets.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1323 (hourly 50-MA), above which the spot could rise to 1.1373 (previous day’s high). On the other side, support is seen at 1.1284 (daily low), under which the pair could drop to its 200-DMA located at 1.1239.