12 Dec 2013
EUR/USD steady after IP data
FXstreet.com (Córdoba) - The EUR/USD found support and halted intraday decline even after Eurozone's industrial production data came in much lower than expected.
The Eurozone industrial output fell 1.1% in October versus a 0.3% rise expected, while YoY it grew 0.2% well below the 1.1% increase expected. The EUR/USD however was barely affected by the negative data, as it has been lately, and moved a tad higher after bottoming out at 1.3763. At time of writing, the EUR/USD is trading at the 1.3775 zone, still 0.1% below its opening price, ahead of the next batch of US data, including retail sales and jobless claims.
EUR/USD technical outlook
"The recent high at 1.3811 was actually a test of the 1.3830 resistance area, so my outlook here is already bearish, for a break through 1.3740 crucial level, en route to 1.3640 major support", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 1.3832 high".
The Eurozone industrial output fell 1.1% in October versus a 0.3% rise expected, while YoY it grew 0.2% well below the 1.1% increase expected. The EUR/USD however was barely affected by the negative data, as it has been lately, and moved a tad higher after bottoming out at 1.3763. At time of writing, the EUR/USD is trading at the 1.3775 zone, still 0.1% below its opening price, ahead of the next batch of US data, including retail sales and jobless claims.
EUR/USD technical outlook
"The recent high at 1.3811 was actually a test of the 1.3830 resistance area, so my outlook here is already bearish, for a break through 1.3740 crucial level, en route to 1.3640 major support", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 1.3832 high".