Back
20 Jun 2013
EUR/USD plunges to session lows
FXstreet.com (New York) - The EUR/USD technical pair fell lower to establish fresh lows during US trading, after a tranche of economic data out of the United States.
In the United States, the Philadelphia Fed Manufacturing Survey (June) came in at 12.5, vastly outperforming expectations of -0.2. In addition, the CB Leading Indicator (MoM) was reported at +0.1% in May, missing estimates of +0.2%. Finally, Existing Home Sales Change (MoM) grew +4.2% in May, crushing projections of +0.6%. In the EMU, Consumer Confidence shrank to -18.5 in June, vs. estimates calling for -21.5.
Technically speaking, the pair is operating at 1.3172, or -0.94% in these moments. The EUR/USD will look towards supports at 1.3168, followed by 1.3074.
EUR/USD holds onto negative expectations
“The EUR/USD is trading below 50% correction at 1.3230, as stability below that level is considered negative over intraday basis. Therefore, we hold on to our negative expectations of the pair especially that momentum indicators are reflecting negativity. The pair has to break levels 1.3170 to support extending the downside move during today’s session.” warns the Technical Analyst Team at ICN.com.
In the United States, the Philadelphia Fed Manufacturing Survey (June) came in at 12.5, vastly outperforming expectations of -0.2. In addition, the CB Leading Indicator (MoM) was reported at +0.1% in May, missing estimates of +0.2%. Finally, Existing Home Sales Change (MoM) grew +4.2% in May, crushing projections of +0.6%. In the EMU, Consumer Confidence shrank to -18.5 in June, vs. estimates calling for -21.5.
Technically speaking, the pair is operating at 1.3172, or -0.94% in these moments. The EUR/USD will look towards supports at 1.3168, followed by 1.3074.
EUR/USD holds onto negative expectations
“The EUR/USD is trading below 50% correction at 1.3230, as stability below that level is considered negative over intraday basis. Therefore, we hold on to our negative expectations of the pair especially that momentum indicators are reflecting negativity. The pair has to break levels 1.3170 to support extending the downside move during today’s session.” warns the Technical Analyst Team at ICN.com.