FXStreet (Mumbai) – The shared currency turned in the green territory versus the American dollar in the early European trades, with EUR/USD trading beyond 1.0950. The main currency pair kept range with little reaction to the German retail sales data which showed an uptick in trades in April on m/m basis, while dropped worse than estimates on annual basis.
EUR/USD edges higher post data
The EUR/USD pair trades 0.10% higher at 1.0960, moving away slightly from the fresh session lows reached at 1.0943 EUR/USD continues to trades around a flat line as markets were left unimpressed by mixed German retail volumes data. The EUR/USD pair remains in tight range also as markets sentiments are hampered by Greek updates.
Retail turnover rose 1.7% in real terms m/m in April, up from a 2.3% decline recorded in March and above market expectations of a 1.0% increase. Measured on an annual basis, the gauge advanced 1.0% in the reported period, following a revised increase of 4.3% in the preceding month, while markets had projected a pick-up of 2.5%.
Meanwhile, the major highlight for today’s trading is likely to be the US Q1 GDP numbers scheduled to be released later in the NA session. Markets are now predicting a 0.8% annualized contraction in economic output in the three months to March.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0984 (May 26 High) levels, above which gains could be extended to 1.1012 (May 25 High) levels. On the flip side, support is seen at 1.0900 below which it could extend losses to 1.0862 (May 26 Low) levels.
(Market News Provided by FXstreet)