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10 Jun 2014
EUR/USD recovery capped by 1.3560
FXStreet (Córdoba) - After the latest recovery attempt was capped by the 1.3560 area, the EUR/USD is back headed south following better-than-expected US wholesale data.
US wholesale inventories rose 1.1% in April, while wholesale sales climbed 1.3%, the Commerce Department reported Tuesday. The EUR/USD dropped back below 1.3550 and it is currently trading at 1.3545, recording a 0.35% loss on the day.
EUR/USD outlook
Valeria Bednarik, chief analyst at FXStreet notes that US-Eurozone yield spreads are weighing on the EUR/USD in absence of economic data. “The 4 hours chart shows a strong bearish momentum, with indicators finally moving away from neutral readings. 1.3520 comes as immediate support, and once broken, the pair has room to extend down to 1.3476, YTD low”.
US wholesale inventories rose 1.1% in April, while wholesale sales climbed 1.3%, the Commerce Department reported Tuesday. The EUR/USD dropped back below 1.3550 and it is currently trading at 1.3545, recording a 0.35% loss on the day.
EUR/USD outlook
Valeria Bednarik, chief analyst at FXStreet notes that US-Eurozone yield spreads are weighing on the EUR/USD in absence of economic data. “The 4 hours chart shows a strong bearish momentum, with indicators finally moving away from neutral readings. 1.3520 comes as immediate support, and once broken, the pair has room to extend down to 1.3476, YTD low”.