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Forex: EUR/USD bounce stopped after EMU Sentix data

By FXstreet.com,  January 07, 2013, 04:36:00 AM EDT

FXstreet.com (Barcelona) - Already weakened during the Asian session, the EUR/USD plunged right ahead of the European session, falling below 1.3050 to find a low at 1.3017. Some buying on dips was seen ahead of the EMU Sentix investor confidence indicator for January.

Data improved much more than expected, rising from -16.8 to -7, which beats consensus of -15.0. The EUR/USD had risen to 1.3042 ahead of the figure, and some profit taking is taking place before a more sustained direction.

Commerzbank analysts regard 1.2970-1.3000 region (6 month uptrend, the 50% retracement of the move up from November and the 55 day ma) as key short term: "While we would allow for this to hold the initial test, we are increasingly viewing the recent high at 1.3310 as an interim peak", wrote Commerzbank analyst Karen Jones.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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