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30 Apr 2013
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.
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.