EUR/USD: Euro dips to 1.3935 low after German GDP data

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Published: Tue, 26 May 2009 09:20:00 +0200

EUR/USD: Euro dips to 1.3935 low after German GDP data

FXstreet.com (Barcelona) - The Euro has dropped below 1.3945 intra-week support right after German data, reaching levels at 1.3935, although the pair is trying to return to previous levels.

German GDP declined 3.8% in the first quarter, and 6.9% year on year, the steepest drop since records are taken, in 1970 weighed by a sharp reduction on exports and a weak investment activity.

Initial support level lies at 1.3935 intra-week low, and below there, 1.3895 (May 22 low) and 1.3865. On the upside, initial resistance lies at 1.4020 and above here, 1.4050 (May 22 high) and then 1.4075.

By Fxstreet.com

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