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12 Jul 2013
EUR/USD moving lower
FXstreet.com (London) - EUR/USD is losing ground in European markets.
EUR/USD has sunk from 1.3070 to 1.3040 where it is attracting bids. European CPI data has been trickling through coming in line for Spain and Italy and remains disappointing. EZ Industrial Production w.d.a. (YoY) (May) is coming up which might attract some more eyes than previous release this morning.
EUR/USD supported
Karen Jones, Chief Economist at Commerzbank said the EUR/USD has had a roller coaster of a week. “Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralised the immediate outlook. “ she said the Elliot wave count on the 60 minute chart is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen. Danske Banks Technical update suggests near term support as 1.3045, 1.30006, 1.2976 and 1.2949. Resistance 1.3123, 1.3147, 1.3208 and 1.3229. RSI 9 56.47
EUR/USD has sunk from 1.3070 to 1.3040 where it is attracting bids. European CPI data has been trickling through coming in line for Spain and Italy and remains disappointing. EZ Industrial Production w.d.a. (YoY) (May) is coming up which might attract some more eyes than previous release this morning.
EUR/USD supported
Karen Jones, Chief Economist at Commerzbank said the EUR/USD has had a roller coaster of a week. “Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralised the immediate outlook. “ she said the Elliot wave count on the 60 minute chart is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen. Danske Banks Technical update suggests near term support as 1.3045, 1.30006, 1.2976 and 1.2949. Resistance 1.3123, 1.3147, 1.3208 and 1.3229. RSI 9 56.47