OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/USD down to 1.3060 in European morning

FXstreet.com (Barcelona) - The EUR/USD jumped through the 1.3100 line to 1.3120 high ahead of German retail sales, but failed to hold its gains, allowing a full retracement and following decline. Such decline during the European session is materializing in prices at 1.3060 (-0.30% on the day) and risking a return to Friday’s close at 1.3031.

There are extra 4K unemployed in Germany in April, instead of the expected 2K, but the unemployment rate remains at 6.9%. The EUR/JPY remains below 128.00. German retail sales are already out, down -0.3% in March (MoM) to an annualized drop from -2.6% to -2.8%, lower than market consensus of 0.0% (MoM) and -1.2% (YoY). The German GfK May consumer confidence rose from 6.0 to 6.2, beating 5.9 consensus.

“Current intraday high at 1.3120 is expected to initiate a downtrend for a break through 1.3070, en route to 1.2990 and 1.2900 later on. Key resistance on the upside is 1.3130 area and until it remains intact my outlook will be bearish, for a slide towards the mentioned targets”, wrote Deltastock.com analyst Stoyan Mihaylov.

Forex Flash: European data mutes GBP - Investec

Investec Treasury analysts note that news from a the European front this morning was that the GfK consumer confidence index slipped back to -27 in April, having been stuck at -26 for the previous three months, which was also the expectation for April’s reading.
Read more Previous

Forex Flash:Italian PM Letta visits Berlin - Deutsche bank

Jim Reid of Deutsche Bank notes that Enrico Letta will make his first official visit to Berlin today as Italy’s Prime Minister.
Read more Next
Start livechat