21 Nov 2013
EUR/USD eyes 1.3440 on mixed PMI
FXstreet.com (Edinburgh) - The euro found solid support in the vicinity of the 1.3400 handle on Thursday, with buyers now pushing the EUR/USD back to the 1.3430/40 region.
EUR/USD trims losses after PMI
The pair managed to gather steam and attempt to retake the 1.3440 level after mixed PMI prints from the euro area. Better readings from Germany opposed to disappointing prints in both France and the EMU, although it seems enough to keep the pair with meagre gains so far. ECB’s Mario Draghi is giving a speech later on in the European midday against the backdrop of the recent rumours about negative deposit rates. Martin van Vliet, Analyst at ING, assessed, “Looking ahead, we expect the Eurozone economy to remain on a modest and fragile recovery path… The sluggish growth outlook implies that disinflationary forces across the euro area will remain in place for the time being. Against this backdrop, the ECB’s job may not be done yet”.
EUR/USD key levels
At the moment the pair is up 0.03% at 1.3436 and a breakout of 1.3441 (high Nov.21) would bring 1.3454 (MA10d) and then 1.3584 (high Nov.20). On the downside, the initial support lines up at 1.3390 (low Nov.13) ahead of 1.3359 (low Nov.12) and finally 1.3345 (low Nov.11).
EUR/USD trims losses after PMI
The pair managed to gather steam and attempt to retake the 1.3440 level after mixed PMI prints from the euro area. Better readings from Germany opposed to disappointing prints in both France and the EMU, although it seems enough to keep the pair with meagre gains so far. ECB’s Mario Draghi is giving a speech later on in the European midday against the backdrop of the recent rumours about negative deposit rates. Martin van Vliet, Analyst at ING, assessed, “Looking ahead, we expect the Eurozone economy to remain on a modest and fragile recovery path… The sluggish growth outlook implies that disinflationary forces across the euro area will remain in place for the time being. Against this backdrop, the ECB’s job may not be done yet”.
EUR/USD key levels
At the moment the pair is up 0.03% at 1.3436 and a breakout of 1.3441 (high Nov.21) would bring 1.3454 (MA10d) and then 1.3584 (high Nov.20). On the downside, the initial support lines up at 1.3390 (low Nov.13) ahead of 1.3359 (low Nov.12) and finally 1.3345 (low Nov.11).