2 Feb 2015
EUR/USD wavers around 1.1300, PMIs in focus
FXStreet (Mumbai) - EUR/USD defends mild gains in the early European morning, extending its consolidation phase around 1.13 handle from the last week as traders eye PMI readings from Euro area economies later in the session.
EUR/USD stuck at 5-DMA
The EUR/USD now recovers from fresh session lows and trades now at 1.1303 levels, higher by 0.14% on the day. EUR/USD is seen trading n a tight range between 1293-1326 levels as markets await fresh directions from the upcoming Euro area PMI data. The manufacturing index for the entire euro zone is expected to print 51, still only slightly above the 50 mark separating contraction and expansion. Falling below this mark would indicate recession levels of manufacturing activity.The German index are also predicted to stay at 51.
Moreover, the common currency is expected to remain on the back foot versus the US dollar as traders continue to weigh uncertainties over the developments in Greece.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.126 (Today’s High) levels, above which gains could be extended to 1.1365 (Jan 30 High) levels. On the flip side, support is seen at 1.1277 (Jan 30 Low) levels, below which it could extend losses to 1.1223 (Jan 28 Low)
EUR/USD stuck at 5-DMA
The EUR/USD now recovers from fresh session lows and trades now at 1.1303 levels, higher by 0.14% on the day. EUR/USD is seen trading n a tight range between 1293-1326 levels as markets await fresh directions from the upcoming Euro area PMI data. The manufacturing index for the entire euro zone is expected to print 51, still only slightly above the 50 mark separating contraction and expansion. Falling below this mark would indicate recession levels of manufacturing activity.The German index are also predicted to stay at 51.
Moreover, the common currency is expected to remain on the back foot versus the US dollar as traders continue to weigh uncertainties over the developments in Greece.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.126 (Today’s High) levels, above which gains could be extended to 1.1365 (Jan 30 High) levels. On the flip side, support is seen at 1.1277 (Jan 30 Low) levels, below which it could extend losses to 1.1223 (Jan 28 Low)