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January Best Month For Euro In Almost A Year

ByAvaTrade
AuthorAvaTrade
Published 02/01/2013, 02:17 AM
Updated 02/02/2022, 05:40 AM
Fundamental Analysis

The euro is having its best month against the dollar in almost a year. Central bank of U.S confirmed in their FOMC statement yesterday that they are still committed to QE which has strengthened pressure for the dollar since then. However, the biggest economy in the single currency area released some mixed data on Tuesday which has brought some pause in the euro upward uptrend. The German retail sales came in -1.7% while the forecast was 0.1% however, German unemployment change data was positive for the euro which came in -16K against the forecast number of 9K.

Technical Analysis

Comment: RSI has shown a clear sign of deflection so traders should be cautious on taking their profits or building new positions. It appears resistance could be at the 1.36 level followed by 1.3630 which could start the reversal or pause in this trend. However, near term support could be at the 1.3532 level however, better support could be at the 1.3470 level.

DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

by Naeem Aslam

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