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18 Dec 2013

EUR/USD passes Asia low on IFO and Merkel

FXstreet.com (Barcelona) - EUR/USD made a fresh daily low at 1.3759, following mixed German ILO data, and is presently trading at 1.3765.

Mixed German IFO data helps push EUR/USD lower

EUR/USD has declined from its morning high at 1.3779, following mixed German IFO data, which saw a miss in Current Assessment at 111.6/112.5, an in-line Business Climate at 109.5 and a better than expected 107.5/106.5. Elsewhere in Europe on the political front, a provisional agreement to provide a back top to the banking sector was agreed, and German Chancellor Merkel spoke to state that Germany has increased responsibility for Europe, and struggling EZ countries may receive aid to help reach economic targets. Ahead, we look towards the FOMC, where the tapering question is due to be asked again in what will be Fed Chairman Bernanke’s final meet.

What are EUR/USD’s key technicals?

Hourly RSI sits at 54 and neutral, with ADX at 22. The FXstreet.com propriatary tools, the FXstreet.com OB/OS Index and Trend Index are neutral and strongly bullish respectively. The hourly 200 SMA is sloping high at 1.3745, while the daily 20 EMA sits at 1.3666 and moving higher. Matt Bacon-Hall of FXBeat notes that the pair faces resistance ahead at 1.3800 where buy stops commence, and support below at 1.3710-00 where light bids are positioned.
Dec 18, 2013

Merkel to press for closer European integration during her third term

German Chancellor Angela Merkel, whose reelection for the third term in office was confirmed yesterday by a 504 to 127 vote in the Bundestag, said on Wednesday that the European economy has been recovering gradually this year and that Germany would continue pushing for a closer integration in the area in order to improve the situation further.
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Dec 18, 2013

United Kingdom Average Earnings excluding Bonus 3Mo/Yr: 0.8% in October

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