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12 Sep 2013
EUR/USD off lows, retests 1.3300
FXstreet.com (Córdoba) - Even though EUR/USD dropped to fresh lows following stronger-than-expected US claims data, the move was quickly reversed amid talk of data distortion due to faulty reporting by states.
US data critical ahead of FOMC meeting
US jobless claims unexpectedly fell to 292K for first time since 2006, although a government official attributed the surprising plunge to computer-related glitches. Employment data comes as critical ahead of the FOMC meeting next week amid ‘Septaper’ expectations.
EUR/USD fell below the 1.3280 area and hit a daily low of 1.3260 before bouncing back to pre-data levels. At time of writing, EUR/USD is trading at the 1.3295 region, where it posts a 0.1% loss on Thursday, with the recovery attempt being contained by 1.3300 so far.
EUR/USD under pressure
From a technical perspective, Valeria Bednarik, analyst at FXstreet.com notes EUR/USD keeps a negative short-term bias, “although further slides below daily low are required to confirm another leg lower today”. Bednarik locates support levels at 1.3250, 1.3220 and 1.3180, while she places resistances at 1.3290, 1.3330 and 1.3360.
US data critical ahead of FOMC meeting
US jobless claims unexpectedly fell to 292K for first time since 2006, although a government official attributed the surprising plunge to computer-related glitches. Employment data comes as critical ahead of the FOMC meeting next week amid ‘Septaper’ expectations.
EUR/USD fell below the 1.3280 area and hit a daily low of 1.3260 before bouncing back to pre-data levels. At time of writing, EUR/USD is trading at the 1.3295 region, where it posts a 0.1% loss on Thursday, with the recovery attempt being contained by 1.3300 so far.
EUR/USD under pressure
From a technical perspective, Valeria Bednarik, analyst at FXstreet.com notes EUR/USD keeps a negative short-term bias, “although further slides below daily low are required to confirm another leg lower today”. Bednarik locates support levels at 1.3250, 1.3220 and 1.3180, while she places resistances at 1.3290, 1.3330 and 1.3360.