EUR/USD keeps the red near one-week lows post-US data

Haresh Menghani FXStreet

The EUR/USD pair maintained it’s offered tone through early NA session and has now dropped to fresh one week low post-US data

The pair traded with bearish bias for the fourth consecutive session and was further weighed down by today's weaker German ZEW economic sentiment survey, which largely negated mostly in-line final Euro-zone CPI print for September.

Meanwhile, data released from the US showed import prices increased 0.7% m-o-m during September, with the yearly rate jumping to 2.7% during the reported month. The reading surpassed even the most optimistic and provided an additional boost to the already stronger US Dollar.

• US: Import prices rise 0.7% in Sept on higher fuel prices; export prices increase 0.8%

Today’s US economic docket also features the release of industrial production and capacity utilization data, while Philadelphia Fed President Patrick Harker is due to speak later during the NY trading session.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet writes: "Next short term supports stand at 1.1720, 1.1690 and 1.1660, being this last a line in the sand for longer term bulls. The 1.1780/90 region is the immediate resistance ahead of 1.1830, with steady gains beyond this last required to change to ongoing negative tone."

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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