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France and Germany Pull EUR/USD Up

ByAdmirals
Published 08/14/2013, 07:42 AM
Updated 01/31/2022, 02:45 AM
EUR/USD
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The EUR/USD went through the 1.33 – 1.3290 support level quite easily. Price continued to fall during the day despite the good ZEW data from Germany and due to the better retail sales data from the US. Bears found the support at 1.3240; this level was used as a S/R level for a few times in the previous three weeks. At 8AM, traders found out about the GDP data in the Germany. Before the publication, EUR/USD was traded around the 1.3265 level, which was also a very important intraday S/R level during the past two weeks (resistance all night, and support for a few minutes before 8AM). The French GDP data, 30 mins. before, came better than expected, and traders were optimistic about the numbers from Germany. Numbers came 0.1% better than expected (0.7%). The first reaction was positive for the EUR/USD.
<span class=EUR/USD" title="EUR/USD" width="983" height="477">
Yesterday showed bullish weakness, as buyers could not hold their main support (1.33-1.3290), which they were fighting for during the past two weeks. It is hard to estimate if the GDP will help them go back above those levels. Most of the analysts expected that the GDP data can be positive. As long as price stays below the wide range from 1.3285 and 1.3315, the sentiment will stay negative and the price will be under the influence of the bearish correction that started a week ago on Thursday.

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