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Forex: EUR/USD dips to session lows after German data

By FXstreet.com,  January 04, 2013, 02:17:00 AM EDT

FXstreet.com (Barcelona) - The bloc currency dropped to sub 1.3020 levels despite the German Retail Sales have surprised analysts, exceeding expectations during November. In fact, sales rose 1.2% YoY and contracted 0.9% MoM, vs. previous forecasts at +0.8% and -1.2%, respectively.

Continuing with the euro docket, a batch of Services PMI will now follow, ahead of preliminary inflation figures in Italy and the euro zone, all preceding the US NFP, expected to improve a hair in December to 150K vs. 146K in the previous month.

As of writing, EUR/USD is losing 0.25% at 1.3016 with the immediate support at 1.2996 (low Dec.12) and finally 1.2929 (low Dec.11).
On the flipside, a breakout of 1.3190 (high Jan.3) would aim towards 1.3300 (high Jan.2) en route to 1.3308 (high Dec.19).




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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