24 Jul 2014
EUR/USD is excited by strong PMI
FXStreet (Moscow) - EUR/USD managed to rebound from 1.3437 low to 1.3470 area, as German PMI came out better than expected.
Reasons to dive
The market was ready to get another portion of weaker than expected data from the euro zone, as we got series of disappointing data out of Germany before. France didn’t surprise showing third month of contraction in a row. However, German PMI came out above expectations posting strong 52.9 vs 52.0 expected. EMU Manufacturing index was 51.9 vs 51.7 supporting the hopes that recovery is still going on in the euro zone region. Good news helped the pair soar to 1.3475 high, and the next target on the way is at 1.3496.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3464, with support below at 1.3454, 1.3443 and 1.3433, with resistance above at 1.3475, 1.3485, and 1.3496. Hourly Moving Averages are bearish, with the 200SMA at 1.3535 and the daily 20EMA bearish at 1.3564. Hourly RSI is bearish at 41.
Reasons to dive
The market was ready to get another portion of weaker than expected data from the euro zone, as we got series of disappointing data out of Germany before. France didn’t surprise showing third month of contraction in a row. However, German PMI came out above expectations posting strong 52.9 vs 52.0 expected. EMU Manufacturing index was 51.9 vs 51.7 supporting the hopes that recovery is still going on in the euro zone region. Good news helped the pair soar to 1.3475 high, and the next target on the way is at 1.3496.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3464, with support below at 1.3454, 1.3443 and 1.3433, with resistance above at 1.3475, 1.3485, and 1.3496. Hourly Moving Averages are bearish, with the 200SMA at 1.3535 and the daily 20EMA bearish at 1.3564. Hourly RSI is bearish at 41.