13 Feb 2014
EUR/USD firmer above 1.3600
FXStreet (Edinburgh) - The shared currency managed to trespass the 1.3600 handle overnight, taking the EUR/USD to levels shy of 1.3640 during the European morning.
EUR/USD apathetic after German data
The pair posted no reaction after German consumer prices banged on expectations in January, contracting 0.6% on a monthly basis and expanding at an annual pace of 1.3%. While the market recovers from yesterday’s Coerure’s comments, traders would look to the US calendar in order to define a trend, as Jan retail sales are due ahead of the weekly report on the labour market and Yellen’s speech. Acoording to Kasper Kirkegaard, Analyst at Danske Bank, “EUR/USD will trade on the retail sales. Another weak number will support EUR/USD, given that it will reinforce speculation that the Fed will be forced to slow the tapering process”.
EUR/USD levels to consider
As of writing the pair is up 0.24% at 1.3626 with the initial resistance at 1.3639 (bear channel top) and then 1.3653 (high Feb.12). On the flip side, a breakdown of 1.3572 (10-d MA) would open the door to 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7).
EUR/USD apathetic after German data
The pair posted no reaction after German consumer prices banged on expectations in January, contracting 0.6% on a monthly basis and expanding at an annual pace of 1.3%. While the market recovers from yesterday’s Coerure’s comments, traders would look to the US calendar in order to define a trend, as Jan retail sales are due ahead of the weekly report on the labour market and Yellen’s speech. Acoording to Kasper Kirkegaard, Analyst at Danske Bank, “EUR/USD will trade on the retail sales. Another weak number will support EUR/USD, given that it will reinforce speculation that the Fed will be forced to slow the tapering process”.
EUR/USD levels to consider
As of writing the pair is up 0.24% at 1.3626 with the initial resistance at 1.3639 (bear channel top) and then 1.3653 (high Feb.12). On the flip side, a breakdown of 1.3572 (10-d MA) would open the door to 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7).