29 Oct 2013
EUR/USD kept the mood on US data
FXstreet.com (Edinburgh) - The shared currency remained indifferent after the release of the US retail sales, with the EUR/USD keeping the intraday range near 1.3760.
EUR/USD remains offered
The mixed results from the US retail sales had no major impact on the pair, where headline sales contracted at a monthly pace of 0.1% vs. estimates pointing at a 0.1% gain. Stripping the auto sector, sales expanded 0.4%, bettering August’s print. Further data showed Producer Prices missed the median advancing 0.3% over the last twelve months. Analysts at TD Securities commented “The pair continues to look rich to us at these levels and there are now some small signs that the bullish tide could be turning. In particular, risk reversals are showing stronger signs of shifting, and technically speaking, the pressure over the past two days is gaining some momentum… Intraday, we look for support at 1.3740/45 before 1.3700”.
EUR/USD key levels
The pair is now losing 0.16% at 1.3762 and a break below 1.3774 (low Oct.25) would expose 1.3764 (low Oct.24) and finally 1.3741 (low Oct.23). On the upside, the first resistance aligns at 1.3833 (2013 high Oct.25) followed by 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011).
EUR/USD remains offered
The mixed results from the US retail sales had no major impact on the pair, where headline sales contracted at a monthly pace of 0.1% vs. estimates pointing at a 0.1% gain. Stripping the auto sector, sales expanded 0.4%, bettering August’s print. Further data showed Producer Prices missed the median advancing 0.3% over the last twelve months. Analysts at TD Securities commented “The pair continues to look rich to us at these levels and there are now some small signs that the bullish tide could be turning. In particular, risk reversals are showing stronger signs of shifting, and technically speaking, the pressure over the past two days is gaining some momentum… Intraday, we look for support at 1.3740/45 before 1.3700”.
EUR/USD key levels
The pair is now losing 0.16% at 1.3762 and a break below 1.3774 (low Oct.25) would expose 1.3764 (low Oct.24) and finally 1.3741 (low Oct.23). On the upside, the first resistance aligns at 1.3833 (2013 high Oct.25) followed by 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011).