EUR/USD NOW DOWN TREND 1.2985 to 1.2965
BOLLINGER BAND: TOUCH UPPER BAND
RSI: 63.41
MOVING AVERAGE (M.V): CROSS THE 50 MOVING AVERAGE TO UP
The euro hit fresh session highs against the U.S. dollar on Thursday, after official data showed that the U.S. economy grew at a faster rate than initially estimated during the third quarter of 2012, as export figures were revised up.
EUR/USD hit 1.2999 during European afternoon trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.2987, gaining 0.27%.
The pair was likely to find support at 1.2938, the session low and near-term resistance at 1.3007, Tuesday’s high and a one-month high.
The Commerce Department said gross domestic product expanded by 2.7% in the three months to September, up from a preliminary estimate of 2.0%, but below expectations for growth of 2.8%.
Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell 393,000, from 416,000 the previous week, slightly less than expectations for a decline to 390,000.
Market sentiment found support after U.S. President Barack Obama said Wednesday he hoped to reach an agreement with Congress before Christmas to avoid automatic tax hikes and spending cuts due to come into effect on January 1, which could threaten U.S. and global growth.
Elsewhere, Italy saw borrowing costs fall sharply at an auction of five and 10-year government bonds on Thursday, with the yield on 10-year bonds down to 4.45%, a two year low and the yield on five-year bonds falling to 3.23%, also a two-year low.
The euro was higher against the pound and the yen, with EUR/GBP up 0.14% to 0.8099 and EUR/JPY rising 0.28% to 106.62.
Also Thursday, official data showed that the German unemployment rate remained unchanged at 6.9% in November as the number of unemployed people rose by 5,000, better than expectations for an increase of 15,000.
EUR/USD hit 1.2999 during European afternoon trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.2987, gaining 0.27%.
The pair was likely to find support at 1.2938, the session low and near-term resistance at 1.3007, Tuesday’s high and a one-month high.
The Commerce Department said gross domestic product expanded by 2.7% in the three months to September, up from a preliminary estimate of 2.0%, but below expectations for growth of 2.8%.
Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell 393,000, from 416,000 the previous week, slightly less than expectations for a decline to 390,000.
Market sentiment found support after U.S. President Barack Obama said Wednesday he hoped to reach an agreement with Congress before Christmas to avoid automatic tax hikes and spending cuts due to come into effect on January 1, which could threaten U.S. and global growth.
Elsewhere, Italy saw borrowing costs fall sharply at an auction of five and 10-year government bonds on Thursday, with the yield on 10-year bonds down to 4.45%, a two year low and the yield on five-year bonds falling to 3.23%, also a two-year low.
The euro was higher against the pound and the yen, with EUR/GBP up 0.14% to 0.8099 and EUR/JPY rising 0.28% to 106.62.
Also Thursday, official data showed that the German unemployment rate remained unchanged at 6.9% in November as the number of unemployed people rose by 5,000, better than expectations for an increase of 15,000.
