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14 Nov 2013
EUR/USD bounces on weak US data
FXstreet.com (Córdoba) - After finding support at the 1.3335 zone, the EUR/USD managed to recover ground as the greenback weakened across the board in the wake of disappointing US data.
US jobless claims rose more than expected last week to 339K while the previous week's reading was upwardly revised. The US trade gap widened more than expected in October while labor costs and nonfarm productivity also disappointed. The EUR/USD jumped to 1.3460 from around 1.3430 before the data, but lost momentum and failed to overcome the 20-hour SMA. At time of writing, EUR/USD is trading at 1.3455, still down 0.2% on the day.
EUR/USD levels to watch
As for technical levels, immediate resistances are seen at 1.3497/1.3500 (daily high/psychological level), 1.3528 (Nov 7 high) and 1.3548 (Nov 6 high). On the other hand, supports could be found at 1.3435 (daily low), 1.3400 (psychological level) and 1.3388 (Nov 13 low).
US jobless claims rose more than expected last week to 339K while the previous week's reading was upwardly revised. The US trade gap widened more than expected in October while labor costs and nonfarm productivity also disappointed. The EUR/USD jumped to 1.3460 from around 1.3430 before the data, but lost momentum and failed to overcome the 20-hour SMA. At time of writing, EUR/USD is trading at 1.3455, still down 0.2% on the day.
EUR/USD levels to watch
As for technical levels, immediate resistances are seen at 1.3497/1.3500 (daily high/psychological level), 1.3528 (Nov 7 high) and 1.3548 (Nov 6 high). On the other hand, supports could be found at 1.3435 (daily low), 1.3400 (psychological level) and 1.3388 (Nov 13 low).