1 Dec 2014
EUR/USD in narrow range near 1.2440
FXStreet (Edinburgh) - The single currency is trading almost unchanged on Monday, with EUR/USD navigating a narrow range between 1.2430 and 1.2450.
EUR/USD focus on PMIs
Traders’ focus today will be on the final manufacturing PMI prints for the month of November, with consensus expecting readings to come in lower than the previous month, adding to the already entrenched bearish outlook for the European currency. Across the Atlantic, the ISM Manufacturing and Markit’s PMI will be in the limelight followed by a speech by Fed’s W.Dudley.
EUR/USD levels to watch
At the moment the pair is advancing 0.04% at 1.2445 with the next resistance at 1.2532 (high Nov.26) ahead of 1.2550 (30-d MA) and finally 1.2569 (high Nov.21). On the downside, a breach of 1.2402 (low Nov.25) would expose 1.2358 (2014 low Nov.7) and then 1.2342 (low Aug.21 2012).
EUR/USD focus on PMIs
Traders’ focus today will be on the final manufacturing PMI prints for the month of November, with consensus expecting readings to come in lower than the previous month, adding to the already entrenched bearish outlook for the European currency. Across the Atlantic, the ISM Manufacturing and Markit’s PMI will be in the limelight followed by a speech by Fed’s W.Dudley.
EUR/USD levels to watch
At the moment the pair is advancing 0.04% at 1.2445 with the next resistance at 1.2532 (high Nov.26) ahead of 1.2550 (30-d MA) and finally 1.2569 (high Nov.21). On the downside, a breach of 1.2402 (low Nov.25) would expose 1.2358 (2014 low Nov.7) and then 1.2342 (low Aug.21 2012).