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6 Aug 2013
EUR/USD climbs to highs around 1.3280
FXstreet.com (Edinburgh) -The single currency managed to return to the positive territory on Tuesday, lifting the EUR/USD back to the 1.3280 region.
EUR/USD propped by data
The pair seems to have found oxygen in the better-than-expected Italian GDP figures, showing that the economic activity in Italy posted an annual contraction of ‘only’ 2.0% during the second quarter vs. 2.2% expected and 2.4% in the previous print. Next on tap will be German Factory Orders, with forecasts pointing to a rise of 1.0% on a monthly basis. “The euro should benefit from a lull in ECB easing expectations, even if we have little sympathy for those suggesting the Eurozone economy is on the improve. But price action suggests 1.3400 remains a stretch target; perhaps the high 1.33s are more realistic for fresh shorts”, assessed the Westpac Global Strategy Group.
EUR/USD key levels
As of writing the pair is up 0.15% at 1.3279 with the initial barrier at 1.3311 (high Aug.1) followed by 1.3345 (high Jul.31) and finally 1.3417 (high Jun.19). On the other hand, a break below 1.3200 (psychological level) would target 1.3188 (low Aug.2) en route to 1.3166 (low Jul.25).
EUR/USD propped by data
The pair seems to have found oxygen in the better-than-expected Italian GDP figures, showing that the economic activity in Italy posted an annual contraction of ‘only’ 2.0% during the second quarter vs. 2.2% expected and 2.4% in the previous print. Next on tap will be German Factory Orders, with forecasts pointing to a rise of 1.0% on a monthly basis. “The euro should benefit from a lull in ECB easing expectations, even if we have little sympathy for those suggesting the Eurozone economy is on the improve. But price action suggests 1.3400 remains a stretch target; perhaps the high 1.33s are more realistic for fresh shorts”, assessed the Westpac Global Strategy Group.
EUR/USD key levels
As of writing the pair is up 0.15% at 1.3279 with the initial barrier at 1.3311 (high Aug.1) followed by 1.3345 (high Jul.31) and finally 1.3417 (high Jun.19). On the other hand, a break below 1.3200 (psychological level) would target 1.3188 (low Aug.2) en route to 1.3166 (low Jul.25).