13 Aug 2015
EUR/USD recovery stalled at 1.1150
FXStreet (Edinburgh) - After bottoming out in the 1.1080 level, EUR/USD has regained traction and managed to retake the mid-1.1100s.
EUR/USD weaker on USD-buying, ECB
The pair has surrendered part of the weekly advance to multi-week tops just above the 1.1200 handle posted on Wednesday, in response to a renewed buying sentiment around the dollar. The bid tone in USD has intensified after PBoC officials have hinted at the likeliness that the Yuan could see its devaluation pace slowered in the upcoming weeks.
In addition, a Fed’s lift-off in September remains alive after today’s solid print from US Retail Sales during last month, bettering consensus and advancing 0.6% on a monthly basis.
On the EUR-side, today’s ECB Accounts came in on the dovish side, as the Council showed some concerns on the pace of recovery in the euro bloc, calling it ‘moderate, albeit disappointing’.
EUR/USD levels to watch
As of writing the pair is losing 0.23% at 1.1132 and a break below 1.1080 (low Aug.13) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7). On the upside, the initial up-barrier aligns at 1.1190 (high Aug.13) ahead of 1.1215 (high Aug.12) and finally 1.1244 (high Jun.30).
EUR/USD weaker on USD-buying, ECB
The pair has surrendered part of the weekly advance to multi-week tops just above the 1.1200 handle posted on Wednesday, in response to a renewed buying sentiment around the dollar. The bid tone in USD has intensified after PBoC officials have hinted at the likeliness that the Yuan could see its devaluation pace slowered in the upcoming weeks.
In addition, a Fed’s lift-off in September remains alive after today’s solid print from US Retail Sales during last month, bettering consensus and advancing 0.6% on a monthly basis.
On the EUR-side, today’s ECB Accounts came in on the dovish side, as the Council showed some concerns on the pace of recovery in the euro bloc, calling it ‘moderate, albeit disappointing’.
EUR/USD levels to watch
As of writing the pair is losing 0.23% at 1.1132 and a break below 1.1080 (low Aug.13) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7). On the upside, the initial up-barrier aligns at 1.1190 (high Aug.13) ahead of 1.1215 (high Aug.12) and finally 1.1244 (high Jun.30).