7 Aug 2015
EUR/USD dips to lows near 1.0910 on German data
FXStreet (Mumbai) - The single currency snapped its side-trend and edged slight lower versus the US dollar in the European morning, sending EUR/USD closer towards 1.09 handle. The major fell to fresh session lows after the shared currency was sold into downbeat German industrial production and trade balance numbers.
EUR/USD supported above 1.0900 on data
The EUR/USD pair trades -0.11% lower at 1.0912, poised to attack 1.09 handle. The EUR/USD pair halted its two-day upstreak and turned lower on the back of a set of disappointing German economic data.
Industrial output in Germany posted 1.4% negative growth in June after reporting a flat growth in the preceding month, according to Destatis. Market had expected 0.3% growth. While the country’s trade surplus shrank unexpectedly against expectations of an expansion.
The European currency looks vulnerable amid persistent US dollar strength across the board, as the buck rides higher on the recent series of upbeat US fundamentals including the latest jobless claims, which continues to bolster Sept Fed rate hike bets.
Meanwhile, markets now turn their attention towards crucial US NFP data due later in the day for further momentum. Today’s payrolls from the US are expected to post 225,000 job adds for July, little changed from the 223,000 jobs in June.
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EUR/USD Technical Levels
The pair has an immediate resistance at 1.0938 (Aug 5 High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0876 (Aug 4 Low).
EUR/USD supported above 1.0900 on data
The EUR/USD pair trades -0.11% lower at 1.0912, poised to attack 1.09 handle. The EUR/USD pair halted its two-day upstreak and turned lower on the back of a set of disappointing German economic data.
Industrial output in Germany posted 1.4% negative growth in June after reporting a flat growth in the preceding month, according to Destatis. Market had expected 0.3% growth. While the country’s trade surplus shrank unexpectedly against expectations of an expansion.
The European currency looks vulnerable amid persistent US dollar strength across the board, as the buck rides higher on the recent series of upbeat US fundamentals including the latest jobless claims, which continues to bolster Sept Fed rate hike bets.
Meanwhile, markets now turn their attention towards crucial US NFP data due later in the day for further momentum. Today’s payrolls from the US are expected to post 225,000 job adds for July, little changed from the 223,000 jobs in June.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0938 (Aug 5 High) levels, above which gains could be extended to 1.0990 (Aug 4 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0876 (Aug 4 Low).