4 Apr 2014
EUR/USD flat-lined at 1.3700
FXStreet (Edinburgh) -The single currency remains in the red territory on Friday, with the EUR/USD hovering over 5-week lows around the 1.3700 handle.
EUR/USD indifferent after data
The pair is still under the sedative effects of Draghi’s dovish comments, focused only on US Payrolls due later. Recall that market consensus expects the US economy to have added 200K jobs during March, surpassing February’s 175K. The auspicious German data releases showed a monthly expansion of 0.6% from Factory Orders, although traders largely ignored the result. According to Carsten Brzeski, Analyst at ING Bank NV, “Combined with the continued inventory reduction of the last months, today’s new orders bode well for industrial production in the coming months. An excellent growth performance of the German economy in the first quarter is clearly in the making. Looking beyond the first quarter, the economy should slow down again and return to more normal growth rates”.
EUR/USD levels to watch
As of writing the pair is losing 0.13% at 1.3701 with the next support at 1.3694 (low Feb.28) ahead of 1.3685 (daily cloud top) and finally 1.3672 (TK off July low). On the upside, a break above 1.3808 (high Apr.3) would open the door to 1.3820 (high Apr.2) and then 1.3827 (high Mar.26).
EUR/USD indifferent after data
The pair is still under the sedative effects of Draghi’s dovish comments, focused only on US Payrolls due later. Recall that market consensus expects the US economy to have added 200K jobs during March, surpassing February’s 175K. The auspicious German data releases showed a monthly expansion of 0.6% from Factory Orders, although traders largely ignored the result. According to Carsten Brzeski, Analyst at ING Bank NV, “Combined with the continued inventory reduction of the last months, today’s new orders bode well for industrial production in the coming months. An excellent growth performance of the German economy in the first quarter is clearly in the making. Looking beyond the first quarter, the economy should slow down again and return to more normal growth rates”.
EUR/USD levels to watch
As of writing the pair is losing 0.13% at 1.3701 with the next support at 1.3694 (low Feb.28) ahead of 1.3685 (daily cloud top) and finally 1.3672 (TK off July low). On the upside, a break above 1.3808 (high Apr.3) would open the door to 1.3820 (high Apr.2) and then 1.3827 (high Mar.26).