Can Euro Trade Below 1.1700?

Can Euro Trade Below 1.1700?

By: Oliver Miller | Where To Trade | On:14-01-2015 15:49
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Key Highlights

  • Euro collapsed once again during the London session as sellers managed to gain control.

  • Italian Consumer Price Index released by Istat remained flat at 0% in December 2014, compared with the previous increase of 0.2%.

  • UK Leading Indicators released by the Conference Board declined by 0.3% in November 2014, same as of the last time.

  • Euro area Industrial Production is released by the Eurostat increased by 0.2% in November 2014, compared with the preceding month, but year-over-year change registered a decline.

  • France inflation ex-tobacco index released by INSEE increased by 0.1% in December 2014, compared with the previous decrease of 0.2%.

  • France current account released by the Bank of France registered a reading of €0.2B.

  • US MBA Mortgage Applications released by the Mortgage Bankers Association jumped by 49.1% whereas the last gain was 11.1%.

  • Japanese Prelim Machine Tool Orders released by the Japan Machine Tool Builders'' Association increased by 33.8%, down from 36.6%.

  • EURUSD might trade below the 1.1700 level if the US dollar gains control moving ahead.

US Retail Sales

Earlier during the NY session, the US Retail Sales was released by the US Census Bureau. The market was expecting it to decrease by 0.1% in December 2014. However, the outcome was lower than expected, as the US Retail Sales registered a decline of 0.9% in December 2014, compared with the preceding month. Moreover, the core retail sales also declined by 1%. The report was definitely negative and weighed in the short term on the US dollar and helped the Euro.

London Session Recap

There was no major release lined up during the London session today, but the Euro was seen trading lower against the US dollar. There were a couple of low risk events lined up in the Euro area, including the Italian consumer price index and the Euro area industrial production. The first in line was the Italian Consumer Price Index released by Istat. The market was expecting the CPI to remain flat at 0% in December 2014, compared with the same month of the last year. The outcome was as expected, but we cannot ignore the fact that it is down from the last gain of 0.2%. The month-over-month change also remained flat at 0%. Moreover, the report mentioned that unprocessed food and energy, core inflation was 0.6%, which is 0.1% more than in the previous month, and excluding only energy, the inflation was 0.5%, down from 0.6% in November 2014.

The Euro area industrial production was the next release by the Eurostat. The market was expecting no change in the production in November 2014, compared with the preceding year. However, the outcome was on the positive side with the Euro area industrial production increasing by 0.2% in November 2014.

Technically, the EURUSD pair is under pressure and it is very likely that the pair might head lower in the near term. There is an important support around the 1.1720 area where the Euro buyers might appear moving ahead.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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