EUR/USD Depressed Near 1.1340 ahead of US Data

EUR/USD Depressed Near 1.1340 ahead of US Data

13 May 2016, 13:37
Roberto Jacobs
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EUR/USD Depressed Near 1.1340 ahead of US Data

The European currency keeps its negative note today, sending EUR/USD to the lower bound of the range in the 1.1340 area.

EUR/USD focus on US docket

The pair remains entrenched in the negative territory at the end of the week, meandering 2-week lows in the 1.1340/30 region amidst a strong sentiment around the US dollar.

Previously, in-line consumer prices and mixed GDP figures in Germany have been largely ignored by market participants, while disappointing EMU’s GDP figures for the first quarter have failed to lend some support to EUR.

In the US calendar, Retail Sales, Business Inventories and the Reuters/Michigan index are all due later.

EUR/USD levels to watch

The pair is now losing 0.27% at 1.1345 and a break below 1.1264 (55-day sma) would expose 1.1213 (low Apr.25) and finally 1.1142 (low Mar.24). On the other hand, the next hurdle lines up at 1.1448 (high May 11) ahead of 1.1615 (2016 high May 3) and then 1.1713 (high Aug.24 2015).


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