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12 Sep 2013
EUR/USD decline halted around 1.3280
FXstreet.com (Edinburgh) -After bottoming to the area of 1.3280, the EUR/USD is now attempting to gather pace and escalate to the 1.3290/1.3300 band.
EUR/USD focus on US data
The demand for the euro remains subdued on Thursday, taking a breather from recent strong gains as market participants fully digested Chinese data and the auspicious news from Middle East. Miserable data from the industrial sector in Italy and the EMU during July seem to have questioned the sustainability of the ongoing recovery in the region, weighing on sentiment. In light of Draghi’s speech later on, Analyst Signe Roed-Frederiksen at Danske Bank, noted, “It will be interesting to see whether Draghi drops any hints about the LTROs when he speaks today or if he in any other ways feels there is a need to clarify issues from the press meeting last week”.
EUR/USD levels to watch
The pair is now losing 0.13% at 1.3292 and a breakdown of 1.3230 (low Sep.10) would aim for 1.3222 (MA10d) and then 1.3157 (low Sep.9). On the upside, the initial hurdle aligns at 1.3325 (high Sep.11) followed by 1.3343 (high Aug.29) and then 1.3399 (high Aug.28).
EUR/USD focus on US data
The demand for the euro remains subdued on Thursday, taking a breather from recent strong gains as market participants fully digested Chinese data and the auspicious news from Middle East. Miserable data from the industrial sector in Italy and the EMU during July seem to have questioned the sustainability of the ongoing recovery in the region, weighing on sentiment. In light of Draghi’s speech later on, Analyst Signe Roed-Frederiksen at Danske Bank, noted, “It will be interesting to see whether Draghi drops any hints about the LTROs when he speaks today or if he in any other ways feels there is a need to clarify issues from the press meeting last week”.
EUR/USD levels to watch
The pair is now losing 0.13% at 1.3292 and a breakdown of 1.3230 (low Sep.10) would aim for 1.3222 (MA10d) and then 1.3157 (low Sep.9). On the upside, the initial hurdle aligns at 1.3325 (high Sep.11) followed by 1.3343 (high Aug.29) and then 1.3399 (high Aug.28).