EURUSD Struggles After Poor German’s GDP and French’s NFP

by on August 14, 2014 9:29 am BST

EURUSD fell to a day’s low of $1.3348 after the German’s GDP data, close to the low of $1.3333 hit earlier in the month . It slightly recovered afterwards to trade at $1.3365, flat on the day.

EURUSD slides near 9-month lows after poor GDP data from Germany and and NFP of France that cast further doubt over the euro zone’s recovery and adds to expectations of more stimulus from the European Central Bank.

Germany’s economy unexpectedly shrank by 0.2 percent in the three months to June while France managed no growth for a second straight quarter. Italy, meanwhile, has slid back into recession for the third time since 2008.

The GDP number for the euro zone as a whole is due at 0900 GMT and forecast to show anemic growth of 0.1 percent on the quarter. Given the reports from member states already in, even that is unlikely to be achieved.

And separate numbers on Wednesday showed a surprise fall in euro zone industrial production in June.

EURUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.3479 1.3475 1.3447
Resistance 2 1.3447 1.3445 1.3419
Resistance 1 1.3406 1.3402 1.3402
Pivot 1.3374 1.3372 1.3374
Support 1 1.3333 1.3329 1.3346
Support 2 1.3301 1.3299 1.3329
Support 3 1.326 1.3256 1.3301