Friday, November 13, 2015

EUR/USD ignores German GDP, around 1.0780

FXStreet (Edinburgh) - The shared currency remained apathetic after the German data today, with EUR/USD now navigating the 1.0780 area.

EUR/USD muted post-data

The pair paid little-to-none attention to the results of the German GDP figures, showing the economy has expanded in line with market expectations during the third quarter, 0.3% QoQ and 1.8% on a yearly basis. Further data showed French Q3 GDP expanding 0.3% inter-quarter during the same period.

Still in the euro area, next of relevance will be the final CPI in Spain and Italy, followed by the more relevant EMU’s flash GDP figures during Q3. Across the pond, US Retail Sales and the Reuters/Michigan index will also be published.

EUR/USD levels to watch

As of writing the pair is losing 0.21% at 1.0786 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0880 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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