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EUR/USD eyes post-FOMC lows on PMIs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The offered tone on the EUR strengthens following the release of final services PMI readings across the euro area economies, now pushing EUR/USD towards fresh session lows.

    EUR/USD keeps lows on PMIs

    The EUR/USD pair trades -0.39% lower at 1.0922, hovering close to fresh session lows struck at 1.0917 pre-data release. The main currency pair extends its downward spiral and mires near lows after the common currency failed to benefit from the upbeat final services PMI reports from the Euro zone.

    Services sector activities in Germany and the 19-nation bloc as a whole remained robust in October, the latest data showed. The region's services PMI maintained healthy expansion, with the final reading booking 54.1 points in Oct, up from 53.7 seen in Sept. While the German final PMI came in at 54.5 in Oct from 54.1 in September.

    Attention now shifts towards a flurry of speeches from Fed officials and a batch of crucial US economic data due later in the day. While the main focus now remains on the Fed Chair Yellen’s testimony scheduled post-US open.

    EUR/USD Technical Levels

    The pair recovers keeps lows and eyes the immediate support seen at 1.0903/00 (Oct 29 Low/ round number). Selling pressure will intensify below the last, dragging the pair towards 1.0840 (Aug lows) and below that 1.0800 (psychological levels) could be exposed. To the upside, the next hurdle is located at 1.0986/1.1000 (10-DMA/ psychological levels). A break above the last, the prices could climb further towards 1.1014/21 (1h 200-SMA/ daily R1) and from there to 1.1053 (Nov 2 High).
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