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EUR/USD muted around 1.2920

FXStreet (Edinburgh) - The shared currency remains almost unchanged on Friday, with the EUR/USD hovering over the 1.2920 area.

EUR/USD ignored EMU data

The pair kept the consolidation pattern alive in the wake of industrial data releases in the euro area, showing that the Industrial Production expanded at a monthly pace of 1.0% during July and the Employment Change rose 0.2% inter-quarter during Q2. Ahead in the day, US Retail Sales (0.6% exp.) and the preliminary gauge of the Reuters/Michigan index for the month of September (83.2 exp.) are due. Eric Theoret, Currency Strategist at Scotiabank, said the technicals remain bearish, adding “momentum indicators suggest deceleration as we note that trend indicators remain biased for further downside. Key near term levels include the recent low 1.2860, with resistance expected at 1.3000 followed by the 21-day MA (1.3146)”.

EUR/USD levels to watch

The pair is up 0.02% at 1.2926 with the immediate resistance at 1.2963 (high Sep.8) ahead of 1.2990 (high Sep.5) and finally 1.3110 (low Sep.2). On the downside, a break below 1.2859 (low Sep.9) would expose 1.2788 (61.8% of 1.2042-1.39950 and then 1.2755 (low Jul.9 2013).

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