The better tone around the greenback is relegating EUR/USD to test the lower end fo the intraday range in the 1.1580/70 band.
EUR/USD weaker despite China
Chinese data surprised investors to the upside in early trade, although the risk sentiment remained eclipsed by a renewed wave of USD strength. Chinese economic activity expanded at an annual pace of 7.3% during the fourth quarter, surpassing the median and matching the previous reading; in addition, both Industrial Production and Retail Sales during December came in above consensus, growing 7.9% and 11.9% on a yearly basis, respectively.
Ahead in the session, Germany/EMU ZEW Survey will take centre stage in Euroland while the Housing Market index tracked by NAHB will be the highlight across the Atlantic.
EUR/USD levels to watch
As of writing the pair is down 0.30% at 1.1573 and a break below 1.1460 (11-year low Jan. 16) would target 1.1445 (low Nov.11 2003) en route to 1.1376 (low Nov.7 2003). On the flip side, the initial hurdle lines up at 1.1649 (high Jan.16) followed by 1.1754 (10-d MA) and finally 1.1792 (high Jan.15).
EUR/USD weaker despite China
Chinese data surprised investors to the upside in early trade, although the risk sentiment remained eclipsed by a renewed wave of USD strength. Chinese economic activity expanded at an annual pace of 7.3% during the fourth quarter, surpassing the median and matching the previous reading; in addition, both Industrial Production and Retail Sales during December came in above consensus, growing 7.9% and 11.9% on a yearly basis, respectively.
Ahead in the session, Germany/EMU ZEW Survey will take centre stage in Euroland while the Housing Market index tracked by NAHB will be the highlight across the Atlantic.
EUR/USD levels to watch
As of writing the pair is down 0.30% at 1.1573 and a break below 1.1460 (11-year low Jan. 16) would target 1.1445 (low Nov.11 2003) en route to 1.1376 (low Nov.7 2003). On the flip side, the initial hurdle lines up at 1.1649 (high Jan.16) followed by 1.1754 (10-d MA) and finally 1.1792 (high Jan.15).
