30 Jan 2014
EUR/USD extends decline after US data
FXstreet.com (Córdoba) - The EUR/USD extended losses to fresh 1-week lows after the latest string of US data came in mostly in line with expectations.
The US annualized gross domestic product grew 3.2% in the fourth quarter, meeting market's expectations. Meanwhile, initial jobless claims rose by 19,000 to 348,000 last week, missing forecast of 330,000. The EUR/USD stretched to a fresh 1-week low of 1.3567 after the data before bouncing slightly. At time of writing, the EUR/USD is trading around 1.3580, recording a 0.2% loss on the day.
EUR/USD technical outlook
From a technical view, Valeria Bednarik, chief analyst at FXStreet.com commented that as long as below 1.3590 bears would lead the way, with next supports at 1.3550 and 1.3510.
The US annualized gross domestic product grew 3.2% in the fourth quarter, meeting market's expectations. Meanwhile, initial jobless claims rose by 19,000 to 348,000 last week, missing forecast of 330,000. The EUR/USD stretched to a fresh 1-week low of 1.3567 after the data before bouncing slightly. At time of writing, the EUR/USD is trading around 1.3580, recording a 0.2% loss on the day.
EUR/USD technical outlook
From a technical view, Valeria Bednarik, chief analyst at FXStreet.com commented that as long as below 1.3590 bears would lead the way, with next supports at 1.3550 and 1.3510.