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10 Dec 2014
EUR/USD erases gains after French data
FXStreet (Mumbai) - The single currency has erased gains against the greenback to trade largely unchanged after the disappointing French industrial production data hit the wires.
The EUR/USD pair now trades unchanged at 1.2373 levels, down from the high of 1.2398 hit earlier today. The gains were erased after the French industrial production contracted 0.8% month-on-month in October, compared to the expected rise of 0.2%. However, the broad based weakness in the US dollar witnessed since yesterday capped losses in the pair.
No other major data is due for release out of the Eurozone or the US today. Thus, the markets will await the results of the second round of European Central Bank's (ECB) targeted LTRO program.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.24 levels, above which gains could be extended to 1.2450 levels. Meanwhile, a break below the support located at 1.2340 shall open doors for a re-test of 1.23 levels.
The EUR/USD pair now trades unchanged at 1.2373 levels, down from the high of 1.2398 hit earlier today. The gains were erased after the French industrial production contracted 0.8% month-on-month in October, compared to the expected rise of 0.2%. However, the broad based weakness in the US dollar witnessed since yesterday capped losses in the pair.
No other major data is due for release out of the Eurozone or the US today. Thus, the markets will await the results of the second round of European Central Bank's (ECB) targeted LTRO program.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.24 levels, above which gains could be extended to 1.2450 levels. Meanwhile, a break below the support located at 1.2340 shall open doors for a re-test of 1.23 levels.