7 Jun 2013
EUR/USD muted after German data
FXstreet.com (Barcelona) - The EUR/USD kept the range on Friday, gyrating around 1.3240/45 after German industrial data exceeded expectations in April.
In fact, the industrial production in the first economy of the bloc expanded 1.8% on a monthly basis and 1.0% over the last twelve months, surpassing the median at 0.0% and -0.8%, respectively. After yesterday’s revision of the euro zone growth and inflation forecasts, Currency Analyst Lee Hardman at BTMU commented, “With inflation still seen remaining well below target in 2014 at 1.3%, the door is still open for further easing ahead which should help to dampen further euro upside potential going forward”.
The pair is now flat at 1.3248 and a breakdown of 1.3104 (MA100d) would target 1.3075 (low Jun.6) and finally 1.3053 (low Jun.5). On the upside, resistance levels align at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and then 1.3341 (61.8% of Feb-Apr slide).
In fact, the industrial production in the first economy of the bloc expanded 1.8% on a monthly basis and 1.0% over the last twelve months, surpassing the median at 0.0% and -0.8%, respectively. After yesterday’s revision of the euro zone growth and inflation forecasts, Currency Analyst Lee Hardman at BTMU commented, “With inflation still seen remaining well below target in 2014 at 1.3%, the door is still open for further easing ahead which should help to dampen further euro upside potential going forward”.
The pair is now flat at 1.3248 and a breakdown of 1.3104 (MA100d) would target 1.3075 (low Jun.6) and finally 1.3053 (low Jun.5). On the upside, resistance levels align at 1.3306 (high Jun.6) followed by 1.3319 (high Feb.25) and then 1.3341 (61.8% of Feb-Apr slide).