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13 Aug 2013
EUR/USD keeps 1.3300 after German CPI
FXstreet.com (Edinburgh) -The shared currency is posting marginal gains on Tuesday after German consumer prices matched expectations during July, driving the EUR/USD around 1.3305/10.
EUR/USD clings to 1.3300
German CPI and the Harmonised index rose at an annual rate of 1.9% during July, banging on estimates although almost ignored by traders. The pair remains gyrating around 1.3300 the figure ahead of the more relevant ZEW Survey in Germany due later. Across the Atlantic, US Retail Sales will be in the limelight, with market consensus expecting a rise of 0.3% during July. “The short covering in EUR/USD could be close to an end as positions once again have turned around in EUR/USD and investors are now speculative long EUR”, argued Signe Roed-Frederiksen, Senior Analyst at Danske Bank.
EUR/USD levels to watch
At the moment the pair is up 0.06% at 1.3308 with the next resistance at 1.3391 (high Aug.9) followed by 1.3401 (high Aug.8) and then 1.3417 (high Jun.19). On the flip side, a breakdown of 1.3266 (low Aug.7) would expose 1.3246 (low Aug.6) and finally 1.3233 (low Aug.5).
EUR/USD clings to 1.3300
German CPI and the Harmonised index rose at an annual rate of 1.9% during July, banging on estimates although almost ignored by traders. The pair remains gyrating around 1.3300 the figure ahead of the more relevant ZEW Survey in Germany due later. Across the Atlantic, US Retail Sales will be in the limelight, with market consensus expecting a rise of 0.3% during July. “The short covering in EUR/USD could be close to an end as positions once again have turned around in EUR/USD and investors are now speculative long EUR”, argued Signe Roed-Frederiksen, Senior Analyst at Danske Bank.
EUR/USD levels to watch
At the moment the pair is up 0.06% at 1.3308 with the next resistance at 1.3391 (high Aug.9) followed by 1.3401 (high Aug.8) and then 1.3417 (high Jun.19). On the flip side, a breakdown of 1.3266 (low Aug.7) would expose 1.3246 (low Aug.6) and finally 1.3233 (low Aug.5).