12 Dec 2014
EUR/USD holds onto gains, despite weak Euro zone data
FXStreet (Mumbai) - The Euro sustains gains against the US dollar post the release of less than forecasts Euro zone industrial production prints.
The EUR/USD pair now trades higher at 1.2430 levels, after having clocked the day’s high at 1.2453 levels. The Euro climbed higher as market did not react to the weak Industrial production report which printed m/m change of 0.1%, below expectations of 0.2%. The data failed to surprise the currency pair since market already priced in weaker prints.
The EUR/USD pair also remains supported ahead of LTRO repayments.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2449 (Dec 10 High) levels, above which gains could be extended to 1.2496 (Dec 11 High) levels. On the flip side, support is seen at 1.2379 (100-day SMA) levels, below which it could extend losses to 1.2357 (Nov 7 Low) levels.
The EUR/USD pair now trades higher at 1.2430 levels, after having clocked the day’s high at 1.2453 levels. The Euro climbed higher as market did not react to the weak Industrial production report which printed m/m change of 0.1%, below expectations of 0.2%. The data failed to surprise the currency pair since market already priced in weaker prints.
The EUR/USD pair also remains supported ahead of LTRO repayments.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2449 (Dec 10 High) levels, above which gains could be extended to 1.2496 (Dec 11 High) levels. On the flip side, support is seen at 1.2379 (100-day SMA) levels, below which it could extend losses to 1.2357 (Nov 7 Low) levels.