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31 Aug 2015
EUR/USD eases to 1.1240 on upbeat German data
FXStreet (Mumbai) - EUR/USD trims gains and slips below 1.1250 levels in the early moves, as the shared currency appeared little impressed by the German retail trade data which outpaced expectations in July.
EUR/USD strives for 1.1300
The EUR/USD pair trades 0.52% higher at 1.1246, easing-off fresh session highs of 1.1262 reached in the last hours. The bid tone around the EUR/USD pair reduced slightly as the euro failed to benefit versus its American counterpart from the release of impressive retail sales figures from Germany.
Retail turnover rose 1.4% m/m in July, up from a 2.3% decline recorded in June, coming in above market expectations of a 1.1% increase. Measured on an annual basis, the gauge advanced 3.3% in the reported period following an increase of 5.1% in June, while markets had projected a pick-up of 1.7%.
Markets now shift focus towards Euro zone CPI figures due later this session. While, higher volatility is expected to remain in the financial markets for the next two weeks, as traders scrutinize the final economic numbers, especially this week’s labour market report, before the Federal Reserve's (Fed) next meeting.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1172 (Today’s Low) below which it could extend losses to 1.1105 (Aug 20 Low) levels.
EUR/USD strives for 1.1300
The EUR/USD pair trades 0.52% higher at 1.1246, easing-off fresh session highs of 1.1262 reached in the last hours. The bid tone around the EUR/USD pair reduced slightly as the euro failed to benefit versus its American counterpart from the release of impressive retail sales figures from Germany.
Retail turnover rose 1.4% m/m in July, up from a 2.3% decline recorded in June, coming in above market expectations of a 1.1% increase. Measured on an annual basis, the gauge advanced 3.3% in the reported period following an increase of 5.1% in June, while markets had projected a pick-up of 1.7%.
Markets now shift focus towards Euro zone CPI figures due later this session. While, higher volatility is expected to remain in the financial markets for the next two weeks, as traders scrutinize the final economic numbers, especially this week’s labour market report, before the Federal Reserve's (Fed) next meeting.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1172 (Today’s Low) below which it could extend losses to 1.1105 (Aug 20 Low) levels.