2 May 2014
EUR/USD muted after manufacturing PMIs
FXStreet (Córdoba) - The EUR/USD remained down on the day, trading right above 1.3850 following the release of a string of European manufacturing PMIs, which came in mainly in line with expectations.
Eurozone manufacturing PMI climbed to 53.4 versus 53.3 expected in April, while among others, German PMI barely missed expectations by rising to 54.1 versus 54.2. Still, all European PMI’s signaled expansion in the sector. The EUR/USD showed virtually no reaction to data and continued to trade at daily lows as investors refrained from taking big positions ahead of the nonfarm payrolls, which is an important gauge of the strength of the US economy.
EUR/USD levels to watch
At time of writing, the EUR/USD is trading at 1.3853, down 0.11% on the day. As for technical levels, next resistances for EUR/USD could be found at 1.3888 (May 1 high), 1.3904 (Apr 11 high) and 1.3933 (Mar 19 high). On the other hand, supports are seen at 1.3851 (May 2 low), 1.3810 (50-day SMA) and 1.3777 (Apr 30 low).
Eurozone manufacturing PMI climbed to 53.4 versus 53.3 expected in April, while among others, German PMI barely missed expectations by rising to 54.1 versus 54.2. Still, all European PMI’s signaled expansion in the sector. The EUR/USD showed virtually no reaction to data and continued to trade at daily lows as investors refrained from taking big positions ahead of the nonfarm payrolls, which is an important gauge of the strength of the US economy.
EUR/USD levels to watch
At time of writing, the EUR/USD is trading at 1.3853, down 0.11% on the day. As for technical levels, next resistances for EUR/USD could be found at 1.3888 (May 1 high), 1.3904 (Apr 11 high) and 1.3933 (Mar 19 high). On the other hand, supports are seen at 1.3851 (May 2 low), 1.3810 (50-day SMA) and 1.3777 (Apr 30 low).