FxWirePro: EUR/USD holds above 1.13 handle despite poor German PPI data
Monday, September 21, 2015 6:29 AM UTC
- EUR/USD holds above 1.13 handle as we head into early European session
- Poor German PPI data ignored by traders, Germany Producer Price Index came in below forecasts at -1.7% y/y and -0.5% m/m in August (forecasts -1.5%, -0.3% respectively)
- EUR/USD takes support by 20 DMA at 1.1267, widespread risk aversion continues to boost the safe-haven status of the common currency
- European stocks are expected to open in the red tracking the negative performance of the Asian indices, which could have a negative influence on the pair
- EUR/USD has immediate resistance at 1.1320 (Session highs Sept 21) ahead of 1.1328 (Sept 15 High)
- On the flip side, support is seen at 1.1287 (4H could top) below which it could extend losses to 1.1268 (Session low Sept 18 )
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