6 Nov 2013
EUR/USD muted on mixed PMIs
FXstreet.com (Edinburgh) -The bloc currency kept the composure after Services PMI prints in Euroland came in above expectations overall, with the EUR/USD gyrating around 1.3500 the figure
EUR/USD now looks to EMU, Germany
Services PMI prints during October surprised investors, surpassing previous estimates although coming in lower than September’s readings. The Italian print was the only exception, falling against both forecasts and prior data. Next on tap in the euro bloc will be EMU’s retail sales, expected to contract 0.4% inter-month ahead of German Factory Orders. In light of the ECB meeting tomorrow, Analyst Flemming Nielsen at Danske Bank commented, “We still expect a dovish ECB and we would still consider to sell EUR/USD on upticks ahead of the ECB meeting tomorrow”.
EUR/USD critical levels
The pair is now up 0.23% at 1.3502 and a break above 1.3525 (high Nov.5) would target 1.3589 (high Nov.1) and then 1.3605 (MA21d). On the downside, the immediate support lies at 1.3442 (low Nov.4) ahead of 1.3421 (38.2% of 1.2755-1.3833) and finally 1.3399 (high Aug.28).
EUR/USD now looks to EMU, Germany
Services PMI prints during October surprised investors, surpassing previous estimates although coming in lower than September’s readings. The Italian print was the only exception, falling against both forecasts and prior data. Next on tap in the euro bloc will be EMU’s retail sales, expected to contract 0.4% inter-month ahead of German Factory Orders. In light of the ECB meeting tomorrow, Analyst Flemming Nielsen at Danske Bank commented, “We still expect a dovish ECB and we would still consider to sell EUR/USD on upticks ahead of the ECB meeting tomorrow”.
EUR/USD critical levels
The pair is now up 0.23% at 1.3502 and a break above 1.3525 (high Nov.5) would target 1.3589 (high Nov.1) and then 1.3605 (MA21d). On the downside, the immediate support lies at 1.3442 (low Nov.4) ahead of 1.3421 (38.2% of 1.2755-1.3833) and finally 1.3399 (high Aug.28).