EURUSD: Higher Despite Mixed Data
EURUSD trading slightly higher at 1.1296 after German Retail Sales shrunk, month over month, came in at -0.6 percent, worst than analyst’s forecasts of 0.5 percent in May, the year over year figure came in at 4%, beating forecasts of 2.7 percent in May. The France Budget came in at -83.9 billion, below market consensus of -70.2 billion for May. The Spain Unemployment Change reported at -63.8K, beating the forecasts of -90K in June. EU leaders yesterday failed to agree on the top positions in ECB, Commission, the European Council and the European Parliament.
On the technical side, bulls are holding the bullish momentum that has build on dovish FED. The pair rejected at 1.14 mark the previous week and yesterday also breached the 1.13 level. On the downside the pair will find support at 1.1260 the 100 day moving average while more bids will emerge at 1.1229 the 50 day moving average. Immediate resistance for the pair stands at 1.13 psychological figure, a break above can lead prices up to 1.1340 the 200 day moving average before an attempt to yearly high. I am still positive for the pair as long as it trades above 1.1260, a break below that level will attract sellers.Don’t miss a beat! Follow us on Twitter.