Currency Analyst since 2010

EUR/USD consolidates at $1.3230/50

EUR/USD lost about 100 pips yesterday and hit 2-week low at $1.3219. Euro is now consolidating in the $1.3230/50 area.

It’s the end of the week and month, so Asian trading was quiet. Jitters about Syria were also temporarily put aside after the British parliament rejected a motion supporting military action.

German retail sales contracted in July by 1.4%, while the analysts expected a 0.5% growth. We’ll also watch the Italian unemployment rate at 8:00 GMT (growth is expected) and the regional CPI and unemployment rate at 9:00 GMT. Later in the day, watch the US data: personal income, spending and consumption numbers, Chicago PMI data and the University of Michigan consumer sentiment index.

Support lies at $1.3219, $1.3205/00, $1.3186, $1.3163 and $1.3135. Resistance is at $1.3276, $1.3300, $1.3343, $1.3357 and $1.3400.

Chart. H4 EUR/USD

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