3 Oct 2014
EUR/USD retreats from overnight highs to 1.2645 area
FXStreet (Moscow) - EUR/USD started the day with a retreat from overnight highs, sliding to current 1.2646 area.
And again some more PMIs
The morning retreat of the euro seems to reflect rather a corrective nature than a change of market mood. As Draghi told the market to wait and see, the markets will focus on economic data even more now. Today’s Service PMI reports will be a perfect target. We already know that German Manufacturing PMI came below 50-point boom/bust line meaning the sector may have entered the recession period. If Services data follows the trend and disappoint the market as well, the pair will have hard time staying around 1.2650. The next target to the downside may lie at 1.2622 support.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.2661, with support below at 1.2622, 1.2575, and 1.2536, with resistance above at 1.2708, 1.2747 and 1.2794. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2719 and the daily 20EMA bearish at 1.2831. Hourly RSI is bearish at 47.
And again some more PMIs
The morning retreat of the euro seems to reflect rather a corrective nature than a change of market mood. As Draghi told the market to wait and see, the markets will focus on economic data even more now. Today’s Service PMI reports will be a perfect target. We already know that German Manufacturing PMI came below 50-point boom/bust line meaning the sector may have entered the recession period. If Services data follows the trend and disappoint the market as well, the pair will have hard time staying around 1.2650. The next target to the downside may lie at 1.2622 support.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.2661, with support below at 1.2622, 1.2575, and 1.2536, with resistance above at 1.2708, 1.2747 and 1.2794. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2719 and the daily 20EMA bearish at 1.2831. Hourly RSI is bearish at 47.