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13 Mar 2015
EUR/USD tests lows near 1.0560
FXStreet (Edinburgh) - The greenback seems to be resuming its underlying bullish trend on Friday, now dragging EUR/USD back to the area of 1.0570/60.
EUR/USD focus on US data
The pair quickly faded the spike to the vicinity of 1.0700 the figure on Thursday, as the sentiment towards the greenback is taking over markets once again. In the meantime, the ongoing ‘quantitative easing’ by the ECB and the USD-dynamics will likely return to be the main drivers of the pair’s price action.
Data in the euro area is almost non-relevant today, with German Wholesale Prices rising 0.5% from January to February and contracting 2.1% over the last twelve months. Ahead in the session, February’s Italian consumer prices will be the only release ahead of Producer Prices and the Reuters/Michigan index across the pond.
EUR/USD levels to consider
The pair is retreating 0.56% at 1.0574 and a breakdown of 1.0494 (12-year low Mar.12) would open the door to 1.0335 (2003 low Jan.2) ahead of 1.0207 (low Dec.19 2002). On the flip side, the initial up-barrier lines up at 1.0683 (high Mar.12) followed by 1.0718 (high Mar.11) and finally 1.0855 (high Mar.10).
EUR/USD focus on US data
The pair quickly faded the spike to the vicinity of 1.0700 the figure on Thursday, as the sentiment towards the greenback is taking over markets once again. In the meantime, the ongoing ‘quantitative easing’ by the ECB and the USD-dynamics will likely return to be the main drivers of the pair’s price action.
Data in the euro area is almost non-relevant today, with German Wholesale Prices rising 0.5% from January to February and contracting 2.1% over the last twelve months. Ahead in the session, February’s Italian consumer prices will be the only release ahead of Producer Prices and the Reuters/Michigan index across the pond.
EUR/USD levels to consider
The pair is retreating 0.56% at 1.0574 and a breakdown of 1.0494 (12-year low Mar.12) would open the door to 1.0335 (2003 low Jan.2) ahead of 1.0207 (low Dec.19 2002). On the flip side, the initial up-barrier lines up at 1.0683 (high Mar.12) followed by 1.0718 (high Mar.11) and finally 1.0855 (high Mar.10).