21 Nov 2013
EUR/USD testing 1.3400 on French PMI
FXstreet.com (Edinburgh) - It seems a matter of time before the EUR/USD put the key support at 1.3400 to the test on Thursday.
EUR/USD remains offered
The selling pressure is now pushing the pair to the boundaries of 1.3400 the figure after the French manufacturing and services PMI disappointed investors, falling to 47.8 and 48.8 respectively in November. Next on tap will be the more relevant flash PMI gauges in Germany and the EMU, ahead of Draghi’s speech in the European midday. Against the backdrop of a probable Fed taper in December, Sean Callow, Analyst at Westapc, observed “So long as the Dec FOMC meeting seems live, USD/majors downside will be limited, though we do not see a Fed policy move any time soon”.
EUR/USD key levels
At the moment the pair is down 0.21% at 1.3402 with the immediate support at 1.3390 (low Nov.13) ahead of 1.3359 (low Nov.12) and finally 1.3345 (low Nov.11). On the flip side, a breakout of 1.3441 (high Nov.21) would bring 1.3454 (MA10d) and then 1.3584 (high Nov.20).
EUR/USD remains offered
The selling pressure is now pushing the pair to the boundaries of 1.3400 the figure after the French manufacturing and services PMI disappointed investors, falling to 47.8 and 48.8 respectively in November. Next on tap will be the more relevant flash PMI gauges in Germany and the EMU, ahead of Draghi’s speech in the European midday. Against the backdrop of a probable Fed taper in December, Sean Callow, Analyst at Westapc, observed “So long as the Dec FOMC meeting seems live, USD/majors downside will be limited, though we do not see a Fed policy move any time soon”.
EUR/USD key levels
At the moment the pair is down 0.21% at 1.3402 with the immediate support at 1.3390 (low Nov.13) ahead of 1.3359 (low Nov.12) and finally 1.3345 (low Nov.11). On the flip side, a breakout of 1.3441 (high Nov.21) would bring 1.3454 (MA10d) and then 1.3584 (high Nov.20).