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Euro steady at 1.3105. Small rebound after German IFO data

Posted by Chris Advincula on Jun 24, 2013 6:44:00 AM

June 24 Monday 10:50 GMT

LONDON – The euro traded in a narrow 47 pip range against the dollar (High 1.3124 Low 1.3077) in Europe with a small rebound from the slightly better than expected German IFO Business Sentiment data. The data came out as 105.9 in June versus the median expectation of 105.8 while the previous month was 105.7 in May.

After the euro dropped from 1.3220 last week to 1.3080, trading activity was light and confined to a consolidation phase between 1.3125 and 1.3180 in Europe, and well supported at 1.3080.

The 21-day moving average is steady between 1.3096 – 1.3110. The 60-day moving average moved sideways between 1.3105 and 1.3098. 

 

Chris Advincula

WorldWideMarkets

 

 

euro.6.24 resized 600

Chart: FXTrek.com

 

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