Technical Analysis for EUR/USD for November 13, 2015

The EUR/USD ran into resistance following the softer than expected EU GDP report. The exchange rate on the currency pair was unable to push above the July lows at 1.0812 and retreated back to the 1.0770 level.  Additional resistance is seen near the 10-day moving average at 1.0830.  Support is seen enar the November lows at 1.0680.  Momentum remains negative as the MACD is printing in the red but the trajectory is flattening reflecting consolidation.

Eurozone GDP growth slowed to 0.3% quart over quarter in the Q3 of the year, from 0.4% in the Q2. This was below expectations of 0.4%. The annual rate still accelerated to 1.6% year over year from 1.5%, but the data miss seems to add weight to Draghi’s warning about the weakening growth outlook.  The national number were mostly mixed with Germany reflecting growth in line with expectations and Italy showing signs of contraction.