31 Oct 2013
EUR/USD clinging to 1.3700
FXstreet.com (Edinburgh) -The shared currency remains under pressure on Thursday, with the EUR/USD struggling to gather some steam ahead key EMU data
EUR/USD focus on EMU CPI
The pair is still under the effects of yesterday’s Fed meeting, delivering a less than expected tone and leaving the door open to start its gradual QE exit at any time. Further downside pressure also came in overnight after Bank of Austria’s E.Nowotny hinted that more liquidity would be in the pipeline after the expiration of the current 3-year LTROs. Data wise, German Retail Sales came in on the softer side, contracting 0.4% during October; in the same direction, consumer confidence gauged by Gfk dropped to 7.0 for the month of November. Later on during the European morning, inflation figures in the bloc are due, with consensus expecting an annual increment of 1.1% in October.
EUR/USD levels to watch
At the moment the pair is down 0.24% at 1.3702 facing the next support at 1.3696 (low Oct.30) ahead of 1.3662 (low Oct.22) and finally 1.3653 (50% of 1.3472-1.3833). On the upside, a break above 1.3787 (high Oct.30) would open the door to 1.3818 (high Oct.28) and then 1.3833 (2013 high Oct.25).
EUR/USD focus on EMU CPI
The pair is still under the effects of yesterday’s Fed meeting, delivering a less than expected tone and leaving the door open to start its gradual QE exit at any time. Further downside pressure also came in overnight after Bank of Austria’s E.Nowotny hinted that more liquidity would be in the pipeline after the expiration of the current 3-year LTROs. Data wise, German Retail Sales came in on the softer side, contracting 0.4% during October; in the same direction, consumer confidence gauged by Gfk dropped to 7.0 for the month of November. Later on during the European morning, inflation figures in the bloc are due, with consensus expecting an annual increment of 1.1% in October.
EUR/USD levels to watch
At the moment the pair is down 0.24% at 1.3702 facing the next support at 1.3696 (low Oct.30) ahead of 1.3662 (low Oct.22) and finally 1.3653 (50% of 1.3472-1.3833). On the upside, a break above 1.3787 (high Oct.30) would open the door to 1.3818 (high Oct.28) and then 1.3833 (2013 high Oct.25).