EUR/USD has come under a little pressure in early European trading, presently off around 25-30 points at 1.3605. Sources report decent hedge fund selling up at 1.3620/30.
S&P futures are seeing accelerating losses, presently down 10 points, and this will be pressuring EUR/USD.
The market will also have noted comments from George Soros, that he feels the USD is already weak and doesn’t see it losing too much further value against the euro.
Another minus for the euro will have been the release of weaker than expected French data. French March industry output fell -1.4% m/m, much weaker than the median forecast of -0.5%. To compound matters February’s data was revised downwards, to -0.9% from initial -0.5%.
Technical support for EUR/USD now at 1.3590, 1.3575 and 1.3550, resistances 1.3625 and 1.3650.
