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7 Mar 2014
EUR/USD zeroes in on 1.3900
FXStreet (Edinburgh) - The shared currency remained indifferent after the German industrial sector release, with the EUR/USD now at shouting distance from 2013 highs at 1.3894.
EUR/USD closing to 1.3900 pip by pip
The recent German release showed that domestic Industrial Production expanded at a monthly pace of 0.5% during January and 5% over the last twelve months, confirming once again the positive momentum in the German economy. Carsten Brzeski, Analyst at ING Bank NV, assessed, “Looking ahead, the German economy should gain further momentum. The formula for success is still the same: the labour market remains tight, order books are filled and inventories are at a 2 ½ -year low… With the mild winter weather, the construction sector should be an important growth driver in the first quarter. Whether it is by looking through the window or by analysing economic data, this year, springtime seems to come early to Germany”.
EUR/USD levels to watch
At the moment the pair is up 0.22% at 1.3888 with the immediate resistance at 1.3894 (high 2013 Dec.27) followed by the psychological levels at 1.3900 and 1.4000. On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).
EUR/USD closing to 1.3900 pip by pip
The recent German release showed that domestic Industrial Production expanded at a monthly pace of 0.5% during January and 5% over the last twelve months, confirming once again the positive momentum in the German economy. Carsten Brzeski, Analyst at ING Bank NV, assessed, “Looking ahead, the German economy should gain further momentum. The formula for success is still the same: the labour market remains tight, order books are filled and inventories are at a 2 ½ -year low… With the mild winter weather, the construction sector should be an important growth driver in the first quarter. Whether it is by looking through the window or by analysing economic data, this year, springtime seems to come early to Germany”.
EUR/USD levels to watch
At the moment the pair is up 0.22% at 1.3888 with the immediate resistance at 1.3894 (high 2013 Dec.27) followed by the psychological levels at 1.3900 and 1.4000. On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).