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19 Sep 2013
EUR/USD uninspired by US data
FXstreet.com (Córdoba) - The EUR/USD continues to oscillate around 1.3550 on Thursday as latest string of US data failed to inspire traders.
Despite strong employment, housing and business data, the US dollar has been unable to trim the Fed-induced losses and trades near 7-month lows against the shared currency. At time of writing, EUR/USD is trading at the 1.3540 zone, 0.1% above its opening price, having rallied 1.2% the previous day.
EUR/USD technical outlook
From a technical view, "the 20 SMA maintains a strong upward momentum acting as dynamic support a few pips below current price, supporting further EUR gains ahead", said Valeria Bednarik, chief analyst at FXstreet.com. "With a daily high of 1.3567, another price acceleration above the level should see price testing 1.3600 figure, in route to 1.3710 high".
"Dips down to 1.3450 should be consider corrective, as bulls lead will hardly be harmed unless a break below it", Bednarik added.
Despite strong employment, housing and business data, the US dollar has been unable to trim the Fed-induced losses and trades near 7-month lows against the shared currency. At time of writing, EUR/USD is trading at the 1.3540 zone, 0.1% above its opening price, having rallied 1.2% the previous day.
EUR/USD technical outlook
From a technical view, "the 20 SMA maintains a strong upward momentum acting as dynamic support a few pips below current price, supporting further EUR gains ahead", said Valeria Bednarik, chief analyst at FXstreet.com. "With a daily high of 1.3567, another price acceleration above the level should see price testing 1.3600 figure, in route to 1.3710 high".
"Dips down to 1.3450 should be consider corrective, as bulls lead will hardly be harmed unless a break below it", Bednarik added.