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EUR/USD unperturbed by EZ GDP data, stays below 1.13

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    An upbeat Eurozone Q4 GDP and a weaker-than-expected industrial production figures failed to have any impact on the EUR, leaving the EUR/USD pair unaffected around 1.1280 levels.

    Awaits US data

    The spot fell to 1.1265 on the back of a rally in the European stocks, before recovering to near 1.13 levels ahead of the Eurozone data. The quarter-on-quarter GDP rose to 0.3%, while the industrial production contracted 1% m/m. However, both data sets were ignored by the pair.

    The focus now is on the US advance retail sales data, which is expected to show household spending, rebounded in January following a drop in December.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1293 (hourly 50-MA), above which the spot could target 1.1376 (Feb 11 high). On the other hand, of the immediate support of 1.1256 (hourly 100-MA) could see the spot drop to 1.12 levels.
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