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EUR/USD drops to session lows as equities rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/USD pair was offered again in the early European session to Tuesday’s low of 1.0935 levels as major equity futures across point to a positive day of trading ahead.

    Eyes PMI data

    The EUR traders would also keep an eye on the services PMI figures due for release across the Eurozone today. The shared currency failed to get any boost from the upbeat manufacturing PMI report released on Monday as traders remained focused on the stock markets.

    It remains to be seen if the EUR tracks equity markets or takes cues from the services PMI report today. At the time of writing, the pan-European blue chip Euro Stoxx 50 futures advanced 0.30%.

    EUR/USD Technical Levels

    At 1.0933, the immediate support is seen at 1.0897 (last week’s low), under which the pair could drop to 1.0808 (July low). On the other hand, resistance is seen at 1.0940 (61.8% of Mar to Aug rally), followed by a major hurdle at 1.10 handle.
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