12 Dec 2013
EUR/USD flat ahead of US retail sales, claims
FXstreet.com (Córdoba) - The EUR/USD found support and bounced from daily lows to trade nearly flat on the day as investors await the next string of US economic data.
Despite disappointing Eurozone industrial production data, the euro managed to hold support at the 1.3760 area and erases intraday losses, although moves remain constrained ahead of US retail sales, import prices, weekly jobless claims and business inventories. The EUR/USD is currently trading at the 1.3780 zone, unchanged on the day, as the pair failed to hold above 1.3800 after peaking at 1.3811 last NY session.
EUR/USD technical outlook
"The EUR/USD maintains the overall bullish tone, although is struggling to establish above 1.3800", says Valeria Bednarik, chief analyst at FXstreet.com. "The pair has also found buyers on dips towards 1.3740 earlier this week, so only below this latter the pair may ease further, eyeing then the 1.3680 price zone for today".
On the other hand, Bednarik notes that a break above 1.3811, yesterday's high, should deny the possibility of a bearish correction and favor an advance to fresh year highs at the 1.3840/50 price zone.
Despite disappointing Eurozone industrial production data, the euro managed to hold support at the 1.3760 area and erases intraday losses, although moves remain constrained ahead of US retail sales, import prices, weekly jobless claims and business inventories. The EUR/USD is currently trading at the 1.3780 zone, unchanged on the day, as the pair failed to hold above 1.3800 after peaking at 1.3811 last NY session.
EUR/USD technical outlook
"The EUR/USD maintains the overall bullish tone, although is struggling to establish above 1.3800", says Valeria Bednarik, chief analyst at FXstreet.com. "The pair has also found buyers on dips towards 1.3740 earlier this week, so only below this latter the pair may ease further, eyeing then the 1.3680 price zone for today".
On the other hand, Bednarik notes that a break above 1.3811, yesterday's high, should deny the possibility of a bearish correction and favor an advance to fresh year highs at the 1.3840/50 price zone.