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EUR/USD: the breakdown of the support level is needed _13/05/2016

PCM Brokers

Technical analysis and trading recommendations - https://fxpcm.com/en/fx/eurusd-breakdown-support-level-needed-13052016

Eurozone GDP in the first quarter grew by 0.5% (forecast + 0.6%), YoY growth was 1.5% (forecast 1.6%). These preliminary data presented today by Eurostat.
Euro and European indices reacted to the GDP data for the Eurozone sluggish. Today the EUR / USD is under pressure, and with the opening of the European trading session decline accelerated.

Reduction contributes to a strengthening of the dollar in the foreign exchange market and weak statistics for the euro area and Germany, published today in the early European session. Indices of consumer prices in Germany in April came with negative values. GDP growth in Europe's largest economy in the 1st quarter was a modest 0.7% compared with the previous quarter, while the forecast expected to grow by 0.6%, and did not support the single currency.

The level of industrial production in the Eurozone fell again in March (-0.8% against the forecast of 0.0% and a reduction of 0.8% in February). On an annual basis - a slight increase (+ 0.2% vs. 1.1% and + 0.8% in February). Despite the weak statistics on the US labor market (number of initial claims for unemployment benefits in the US last week rose to 294,000 at the forecast 270 thousand), released yesterday after the release of euro area data, the EUR / USD closed the day yesterday in negative territory with a reduction of 50 points.

Now the attention of traders switched to the data on the index of retail sales and producer prices in April by the US. The publication of these data is scheduled for 12:30 (GMT). Positive data support the US dollar and will have a downward pressure on the EUR / USD pair, and vice versa. By the end of the US trading session, probable profit taking on short positions on the pair EUR / USD, and therefore can rebound and closing levels near 1.1345, 1.1360.

Source: https://fxpcm.com/en/fx/eurusd-breakdown-support-level-needed-13052016
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