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EUR/USD continues to disappoint

The failure of the EUR/USD to drive home a short-term advantage offered by the disappointing US data of recent days has been marked by its inability to feed off a fall in US yields and shift in the Fed interest rate outlook. So despite rising above both the 50 and 200 day moving averages (now at 1.0790 and 1.0795 respectively) last Friday, the Euro has been unable to sustain that move and once again the 1.0800 handle was not even close to being tested yesterday. The high was set at 1.0787 and the Euro slipped back into the US close, ending that session at 1.0755. It has edged lower this morning too and just now hit a session low at 1.0738. The first support is now at 1.0698 (21 day moving average) and the failure to make headway comes ahead of German industrial production data due out in a few minutes, at 6am GMT. The EUR/USD is currently trading at 1.0740 

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