13 Dec 2013
EUR/USD erases intraday losses
FXstreet.com (Córdoba) - The EUR/USD edged a tad higher, trimming intraday losses, after data showed US producer prices fell 0.1% in November, missing expectations of a flat reading.
Soft inflation figures raised doubts whether it might be too soon for the Fed to start tapering its QE program and weighed on the USD. The EUR/USD extended its recovery from a 4-day low of 1.3708, although momentum wasn't strong enough to lift the pair to positive territory. At time of writing, the EUR/USD is trading at the 1.3745 area, virtually unchanged since opening.
EUR/USD technical levels
As for technical levels, the EUR/USD could find resistances at 1.3770 (daily high), followed by 1.3811 (Dec 11 high) and 1.3832 (Oct 31 high). On the downside, supports are now seen at 1.3708 (daily high), 1.3700 (psychological level) and 1.3685 (10-day SMA).
Soft inflation figures raised doubts whether it might be too soon for the Fed to start tapering its QE program and weighed on the USD. The EUR/USD extended its recovery from a 4-day low of 1.3708, although momentum wasn't strong enough to lift the pair to positive territory. At time of writing, the EUR/USD is trading at the 1.3745 area, virtually unchanged since opening.
EUR/USD technical levels
As for technical levels, the EUR/USD could find resistances at 1.3770 (daily high), followed by 1.3811 (Dec 11 high) and 1.3832 (Oct 31 high). On the downside, supports are now seen at 1.3708 (daily high), 1.3700 (psychological level) and 1.3685 (10-day SMA).