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23 Apr 2014
EUR/USD licked part of the wounds thanks to German PMI
FXStreet (Moscow) - EUR/USD plunged to session low at 1.3800 after initial attempt to break above 1.3830; it trades at 1.3815 at the moment.
First data of the week!
Despite the initial optimism seen right before the French PMI data, the euro came under selling pressure as soon as the market realized the big miss from the Purchasing Managers’ Index of factory activity. It dropped to 50.9 from 52.1 the previous month, and against 51.9 forecasted, killing the hope for gradual recovery of the second largest economy of the euro zone. Moreover, a services gauge slid to 50.3 in April from 51.5 in March, below the expectations. There was only one chance for the euro to recover – German data. The Manufacturing PMI came out at 54.2 vs 53.9 forecasted, thus triggering some recovery for the pair. The single currency rebounded to 1.3815 area from session low at 1.38.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3805, with support below at 1.3784, 1.3763 and 1.3742, with resistance above at 1.3826, 1.3847, and 1.3868. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3829 and the daily 20EMA neutral at 1.3806. Hourly RSI is bullish at 59.
First data of the week!
Despite the initial optimism seen right before the French PMI data, the euro came under selling pressure as soon as the market realized the big miss from the Purchasing Managers’ Index of factory activity. It dropped to 50.9 from 52.1 the previous month, and against 51.9 forecasted, killing the hope for gradual recovery of the second largest economy of the euro zone. Moreover, a services gauge slid to 50.3 in April from 51.5 in March, below the expectations. There was only one chance for the euro to recover – German data. The Manufacturing PMI came out at 54.2 vs 53.9 forecasted, thus triggering some recovery for the pair. The single currency rebounded to 1.3815 area from session low at 1.38.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3805, with support below at 1.3784, 1.3763 and 1.3742, with resistance above at 1.3826, 1.3847, and 1.3868. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3829 and the daily 20EMA neutral at 1.3806. Hourly RSI is bullish at 59.