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Euro weakens on German and US Data

Today German unemployment data and US GDP data came out which both were not in favor of EUR. Unemployment in Germany increased by 7K in contrast to the expectations of 5000 drop. The European investors started selling of the currency which drove the US dollar higher against major currencies. On the other hand according to the US data, economy expanded by 2.5% in the 2nd quarter beating the expectation of 2.2% increase. Unemployment claims also landed slightly lower that is 331K as compared to 337K last week. If we see on four hour chart of EURUSD we will find a strong support at 1.3234, although it crossed the support level for a while. USD now becoming a safe haven for investors and Fed discussion over tapering is strengthening the USD.