Euro drops below 1.3300 level US GDP eyed

By TraderVox.com

Tradervox (Dublin) – Euro managed to stay above the 1.3300 levels during the Asian session only to plunge below it on the back of poor economic data from EMU and formed a low of 1.3270. The single currency is trading near the low, down about a third of a percent for the day.

The support may be seen at 1.3250 and below at 1.3200 levels. The resistance may be seen at 1.3280 and above at 1.3325. EMU released economic and industrial confidence data which came below expectation at 94.4 and -7.2 respectively. GDP data from US will be released later in the day and the US economy is expected to show expansion.

The Sterling Pound managed to crawl back above the 1.5900 levels during the Asian session. But the cable gave up the level. The pair is trading around 1.5860, down about 0.16% for the day. The support may be seen at 1.5850 and below at 1.5800. The resistance may be seen at 1.5880 and 1.5940. Mortgage approvals came at 49K against the expectation of 59K.

USD/CHF rode on the US dollar strengthening bandwagon and is eying the 0.9100 levels. The pair is trading around 0.9080, up about 0.30% for the day. The resistance may be seen at 0.9100 and above at 0.9140. The support may be seen at 0.9050 and below at 0.9020.

The USD/JPY pair lost the recent gains as it eyes the 82 levels. It has printed a low of 82.08 during European session. The pair is currently trading around 82.23, down about 0.80% for the day. The support may be seen at 82 and below at 81.50. The resistance may be seen at 82.40 and above at 82.90.

The Australian dollar continues its slide against the US dollar as it plunges well below 1.0400 levels. It has printed a low of 1.0330 during the European session. The pair is trading around 1.0346, down about 0.40% for the day. The support may be seen at 1.0320 and 1.0280. The resistance may be seen at 1.0370 and above at 1.0440.

The US dollar index is trading around 79.40.

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