10 Jan 2014
EUR/USD retreats after Eurozone GDP
FXstreet.com (Córdoba) - The EUR/USD edged a tad lower and hit marginal new lows for the day after Eurozone Q3 GDP came in line with expectations.
The Eurozone economy grew by 0.1% during the third quarter 2013 while falling 0.4% on annual basis, matching analysts forecast. The EUR/USD extended its slow retreat after the figures and printed a low of 1.3588 in recent dealings. At time of writing, the pair is trading at the 1.3595 area, a few pips below its opening price, as investors gear up for the US nonfarm payrolls.
EUR/USD technical outlook
From a technical perspective, "Trading is still capped below 1.3650 resistance area and the outlook here is bearish, for a slide through 1.3520, en route to 1.3395", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance lies at 1.3650, followed by 1.3710".
The Eurozone economy grew by 0.1% during the third quarter 2013 while falling 0.4% on annual basis, matching analysts forecast. The EUR/USD extended its slow retreat after the figures and printed a low of 1.3588 in recent dealings. At time of writing, the pair is trading at the 1.3595 area, a few pips below its opening price, as investors gear up for the US nonfarm payrolls.
EUR/USD technical outlook
From a technical perspective, "Trading is still capped below 1.3650 resistance area and the outlook here is bearish, for a slide through 1.3520, en route to 1.3395", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance lies at 1.3650, followed by 1.3710".