15 Jul 2014
EUR/USD edges lower after US data
FXStreet (Córdoba) - The EUR/USD came under renewed pressure and turned back south following the release of the latest series of US data.
The USD strengthened a tad and dragged the EUR/USD back to the 1.3600 area after data showed US retail sales grew 0.2% in May, well below the 0.6% expected, while excluding autos it rose 0.4% versus 0.5% expected. On the other hand, the NY Empire State manufacturing index rose to 25.60 versus 17.0 forecasted.
After bottoming out at 1.3586, the EUR/USD managed to bounce to the 1.3620 zone where the recovery was capped once again. At time of writing, the EUR/USD is trading at 1.3603, 0.12% below its opening price.
EUR/USD levels to watch
As for technical levels, if the EUR/USD breaks decisively below the 1.3586/88 area, next supports are seen at 1.3575 (Jul 7 low) and 1.3565 (Jun 20 low). On the flip side, resistances could be found at1.3650 (Jul 10 high), 1.3675 (200-day SMA) and 1.3700 (psychological level).
The USD strengthened a tad and dragged the EUR/USD back to the 1.3600 area after data showed US retail sales grew 0.2% in May, well below the 0.6% expected, while excluding autos it rose 0.4% versus 0.5% expected. On the other hand, the NY Empire State manufacturing index rose to 25.60 versus 17.0 forecasted.
After bottoming out at 1.3586, the EUR/USD managed to bounce to the 1.3620 zone where the recovery was capped once again. At time of writing, the EUR/USD is trading at 1.3603, 0.12% below its opening price.
EUR/USD levels to watch
As for technical levels, if the EUR/USD breaks decisively below the 1.3586/88 area, next supports are seen at 1.3575 (Jul 7 low) and 1.3565 (Jun 20 low). On the flip side, resistances could be found at1.3650 (Jul 10 high), 1.3675 (200-day SMA) and 1.3700 (psychological level).