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22 May 2014
EUR/USD remains capped by 1.3685 after PMIs
FXStreet (Córdoba) - The EUR/USD continues to waver below the 1.3700 mark at the beginning of the European session, with the latest recovery attempt halted by a string of mixed Eurozone PMIs.
While manufacturing PMI in France, Germany and the Eurozone as a whole came in below expectations, services PMI were firmer. German manufacturing PMI fell to 52.9 vs 54 expected, while Eurozone mfg PMI dropped to 52.5 against 53.2 forecasted.
The EUR/USD that had bounced from a daily low of 1.3654 to the 1.3685 area, edged a tad lower following latest figures. At time of writing, the pair is trading at the 1.3675 zone, 0.07% below its opening price.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD manages to recover above 1.3685, next hurdle stands at the 1.3730/40 area, where this week’s highs and the 100-day SMA converge. On the flip side, supports are now seen at 1.3634/30 (May 21 low/200-day SMA), 1.3600 (psychological level) and 1.3584 (Feb 13 low).
While manufacturing PMI in France, Germany and the Eurozone as a whole came in below expectations, services PMI were firmer. German manufacturing PMI fell to 52.9 vs 54 expected, while Eurozone mfg PMI dropped to 52.5 against 53.2 forecasted.
The EUR/USD that had bounced from a daily low of 1.3654 to the 1.3685 area, edged a tad lower following latest figures. At time of writing, the pair is trading at the 1.3675 zone, 0.07% below its opening price.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD manages to recover above 1.3685, next hurdle stands at the 1.3730/40 area, where this week’s highs and the 100-day SMA converge. On the flip side, supports are now seen at 1.3634/30 (May 21 low/200-day SMA), 1.3600 (psychological level) and 1.3584 (Feb 13 low).