17 Jul 2014
EUR/USD keeps 1.3530 post-CPI
FXStreet (Edinburgh) - The single currency continues to navigate around the upper band of the intraday range on Thursday, taking the EUR/USD to levels beyond 1.3530.
EUR/USD firmer
Spot kept the composure following in-line inflation figures in the euro area, showing that consumer prices rose at an annual pace of 0.5% during June. Core prices followed suit, rising 0.8% on a yearly basis. Further data showed a 1.5% MoM advance from the Construction Output in May, surpassing previous figures. Without any further data in the euro bloc, markets will now turn their attention to the US docket: Building Permits, Initial Claims and the Philly Survey. “In line with expectations, EUR continues to move lower. While the immediate pressure is still on the downside, oversold conditions suggest any further down-move will likely struggle near the major support at 1.3500. On the upside, only a move above 1.3555 would indicate that an interim low is in place”, noted Quek Ser Leang, Market Strategist at OCBC Bank.
EUR/USD levels to watch
At the moment the pair is up 0.09% at 1.3538 with the next resistance at 1.3572 (high Jul.16) followed by 1.3599 (30-d MA) and then 1.3612 (21-d MA). On the flip side, a breakdown of 1.3521 (low Jul.16) would expose 1.3512 (low Jun.12) and finally 1.3503 (low Jun.5).
EUR/USD firmer
Spot kept the composure following in-line inflation figures in the euro area, showing that consumer prices rose at an annual pace of 0.5% during June. Core prices followed suit, rising 0.8% on a yearly basis. Further data showed a 1.5% MoM advance from the Construction Output in May, surpassing previous figures. Without any further data in the euro bloc, markets will now turn their attention to the US docket: Building Permits, Initial Claims and the Philly Survey. “In line with expectations, EUR continues to move lower. While the immediate pressure is still on the downside, oversold conditions suggest any further down-move will likely struggle near the major support at 1.3500. On the upside, only a move above 1.3555 would indicate that an interim low is in place”, noted Quek Ser Leang, Market Strategist at OCBC Bank.
EUR/USD levels to watch
At the moment the pair is up 0.09% at 1.3538 with the next resistance at 1.3572 (high Jul.16) followed by 1.3599 (30-d MA) and then 1.3612 (21-d MA). On the flip side, a breakdown of 1.3521 (low Jul.16) would expose 1.3512 (low Jun.12) and finally 1.3503 (low Jun.5).