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Euro Struggling with the 1.30 Level at the Start of a New Week

Euro Struggling with the 1.30 Level at the Start of a New Week

Benjamin Spier, Technical Strategist

With few significant economic releases and little official chatter, the Pound and Euro were each left with an extended period to react to the declines below key levels that followed the better than expected US Jobs Report on Friday.

The Euro is trading a few points below 1.3000 against the US Dollar at the time of this writing, following a dip below the level on Friday’s US employment data. Meanwhile, the Pound has continued trading more than fifty points below the 1.5000 line since Friday.

In economic releases, the Italian GDP was confirmed to have declined 0.9% in the fourth quarter, according to a final estimate released today. In Germany, the trade balance for January was reported at 13.7 billion Euros, up from 12.1 billion Euros in December. Neither release had a significant effect on Euro trading.

In Switzerland, retail sales rose an annual 1.9% in January, down from the annual 4.7% rise in retail sales in December.

EUR/USD may continue to struggle to find its way above 1.3000, and the next support could be provided by the 3-month low at 1.2876.

There are no significant data releases scheduled for the North American session.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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