14 Oct 2014
EUR/USD extends the decline
FXStreet (Edinburgh) - The single currency is now accelerating its intraday correction, dragging EUR/USD back to the 1.2670 area, or session lows.
EUR/USD hurt by weaker ZEW
Spot intensifies the decline after the ZEW Survey disappointed investors in October: Economic Sentiment and Current Situation dropped to -3.6 and 3.2 in Germany (vs. 6.9 and 25.4 previous, respectively); while the Economic Sentiment in the euro area slumped to 4.1 from 14.2. The industrial production figures were released as well for the euro bloc, showing a worrisome monthly contraction of 1.8%, below estimates for a 1.6% drop. That was all data wise in Euroland today. Across the pond, September’s NFIB Business Optimism index is due later (96.1 prev.).
EUR/USD levels to watch
At the moment the pair is retreating 0.67% at 1.2666 with the next support at 1.2663 (10-d MA) followed by 1.2648 (200-h MA) and then 1.2605 (low Oct.10). On the upside, a breakout of 1.2791 (high Oct.9) would expose 1.2802 (30-d MA) and finally 1.2816 (low Sep.22).
EUR/USD hurt by weaker ZEW
Spot intensifies the decline after the ZEW Survey disappointed investors in October: Economic Sentiment and Current Situation dropped to -3.6 and 3.2 in Germany (vs. 6.9 and 25.4 previous, respectively); while the Economic Sentiment in the euro area slumped to 4.1 from 14.2. The industrial production figures were released as well for the euro bloc, showing a worrisome monthly contraction of 1.8%, below estimates for a 1.6% drop. That was all data wise in Euroland today. Across the pond, September’s NFIB Business Optimism index is due later (96.1 prev.).
EUR/USD levels to watch
At the moment the pair is retreating 0.67% at 1.2666 with the next support at 1.2663 (10-d MA) followed by 1.2648 (200-h MA) and then 1.2605 (low Oct.10). On the upside, a breakout of 1.2791 (high Oct.9) would expose 1.2802 (30-d MA) and finally 1.2816 (low Sep.22).