8 Dec 2014
EUR/USD trades near 27-week low, below 1.23 handle
FXStreet (Mumbai) - The common currency resumed its slide against the greenback, trading close to 27 week lows after Germany posted dismal industrial activity numbers, missing industry estimates.
The EUR/USD pair trades lower at 1.2279, after having hit a day’s low of 1.2276 levels immediately after Germany’s data release. The pair witnessed sharp falls after industrial production in euro zone’s economic powerhouse increased mere 0.2% in the reported month, after reporting a revised 1.1% growth in the previous month.
Friday’s robust US jobs data has also dragged the Euro down to 2 year low.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2303 (Dec 7 High) levels, above which gains could be extended to 1.2336 (50-day SMA) levels. On the flip side, support is seen at 1.2236 (June 2010) level, below which it could extend losses to 1.2191 (July 2010 Low) levels.
The EUR/USD pair trades lower at 1.2279, after having hit a day’s low of 1.2276 levels immediately after Germany’s data release. The pair witnessed sharp falls after industrial production in euro zone’s economic powerhouse increased mere 0.2% in the reported month, after reporting a revised 1.1% growth in the previous month.
Friday’s robust US jobs data has also dragged the Euro down to 2 year low.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2303 (Dec 7 High) levels, above which gains could be extended to 1.2336 (50-day SMA) levels. On the flip side, support is seen at 1.2236 (June 2010) level, below which it could extend losses to 1.2191 (July 2010 Low) levels.