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EUR/USD up following disappointing USD data - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that following several disappointing US data releases on Wednesday EUR/USD rose, breaking the range.

Key quotes

"The October Empire State Manufacturing Survey indicates that business activity grew well below expected, printing 6.2 from a previous 27.5, Retail Sales decreased more than forecasted printing negative readings, and PPI readings also slumped."

"The EUR/USD advanced up to 1.2757 so far, and holds above the 1.2700 level early US session, with the 1 hour chart showing price well above moving averages that hold in a tight range and lacking direction due to recent range."

"Indicators aim higher crossing their midlines to the upside, while the 4 hours chart presents a mild positive tone, with not much strength at the time being."

"Current rally can extend up to recent highs around 1.2790, yet it will take some steady gains above this last to see actual movement as something more than a correction in the middle of a bearish trend."

United States Business Inventories below forecasts (0.4%) in August: Actual (0.2%)

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