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Forex: EUR/USD falls after UK data

By FXstreet.com,  April 13, 2012, 05:08:00 AM EDT

FXstreet.com (Barcelona) - Risk sentiment relieved after the UK PPI data release and the greenback is now extending gains on the day. China's disappointing GDP Q1 at 8.1% had thrown the EUR/USD below 1.3200, but expectations toward UK figures have supported the pair around 1.3160/70.

The cross keeps falling, already below 1.3150 and is getting closer to the 100-day moving average at 1.3133.
"I continue to think, that the whole rebound above 1.3030 is corrective in nature, thus preceding a slide towards 1.2867.
Key level on the downside is 1.3101, as a violation of that area will unleash a sell-off towards the mentioned target projection", writes Stoyan Mihaylov , analyst at Deltastock.com.




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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