11 Jul 2013
EUR/USD flat-lining around 1.3060
FXstreet.com (Edinburgh) -The single currency is stabilizing around 1.3060 on Thursday, as the effects of Bernanke’s speech are dying off and driving the EUR/USD lower from highs above 1.3200.
EUR/USD looks to the US data
There is not much happening around the euro today, as market participants remain focused on the weekly report on the labour market in the US economy, which grew in relevance since last night. Consensus expects Initial Claims to drop a tad to 340K in the week ended on July 6th vs. 343K from the previous reading. “The ECB forecast that it will hold interest low for a long period of time will probably continue to weight against any advance in EURUSD, and this means a rally back towards 1.30 will hit some heavy selling”, commented Dzhafer Medzhakhed, Analyst at Chifbaw LLC.
EUR/USD key levels
As of writing the pair is up 0.65% at 1.3063 with the immediate hurdle at 1.3208 (high Jul.11) and then 1.3255 (high Jun.21). On the downside, a break below 1.2966 (low Jul.11) would open the door to 1.2949 (high Jul.10) and finally 1.2755 (low Jul.10).
EUR/USD looks to the US data
There is not much happening around the euro today, as market participants remain focused on the weekly report on the labour market in the US economy, which grew in relevance since last night. Consensus expects Initial Claims to drop a tad to 340K in the week ended on July 6th vs. 343K from the previous reading. “The ECB forecast that it will hold interest low for a long period of time will probably continue to weight against any advance in EURUSD, and this means a rally back towards 1.30 will hit some heavy selling”, commented Dzhafer Medzhakhed, Analyst at Chifbaw LLC.
EUR/USD key levels
As of writing the pair is up 0.65% at 1.3063 with the immediate hurdle at 1.3208 (high Jul.11) and then 1.3255 (high Jun.21). On the downside, a break below 1.2966 (low Jul.11) would open the door to 1.2949 (high Jul.10) and finally 1.2755 (low Jul.10).