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11 Dec 2014
EUR/USD tests 1.24 levels after US data
FXStreet (Mumbai) - The single currency has been pushed lower to 1.24 levels after a strong data in the US pushed the treasury yields higher.
The EUR/USD pair currently trades 0.33% lower at 1.2308. The pair had declined to 1.2396 for a brief moment, although the overall tone appears weak due to the pair making lower highs on the hourly chart. The dollar strengthened tracking a rise in the 10-yr treasury yields after the labor department data in the Us showed initial jobless claims showed a modest decrease of 3000 from the previous week’s figure of 297K. Economists had expected initial jobless claims to slip to 295K. Meanwhile, the advance retail sales number for November printed at 0.7%, which is higher than the expected print of 0.4%. The October months’ print was revised higher to 0.5%.
On the other hand, the single currency struggled to extend gains after the European Central Bank’s (ECB) second round of TLTRO failed to provide any positive surprises to the market. This has strengthened the case for more aggressive stimulus in the near future.
EUR/USD Technical Levels
The pair has an immediate resistance on the hourly charts located at 1.2415, above which gains could be extended to 1.2448. Meanwhile, support is seen at 1.2400 and 1.2362 levels.
The EUR/USD pair currently trades 0.33% lower at 1.2308. The pair had declined to 1.2396 for a brief moment, although the overall tone appears weak due to the pair making lower highs on the hourly chart. The dollar strengthened tracking a rise in the 10-yr treasury yields after the labor department data in the Us showed initial jobless claims showed a modest decrease of 3000 from the previous week’s figure of 297K. Economists had expected initial jobless claims to slip to 295K. Meanwhile, the advance retail sales number for November printed at 0.7%, which is higher than the expected print of 0.4%. The October months’ print was revised higher to 0.5%.
On the other hand, the single currency struggled to extend gains after the European Central Bank’s (ECB) second round of TLTRO failed to provide any positive surprises to the market. This has strengthened the case for more aggressive stimulus in the near future.
EUR/USD Technical Levels
The pair has an immediate resistance on the hourly charts located at 1.2415, above which gains could be extended to 1.2448. Meanwhile, support is seen at 1.2400 and 1.2362 levels.