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EUR/USD in tight range near 1.1030, PMIs eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is trading on a firmer footing vs. the greenback at the beginning of the week, taking EUR/USD to the 1.1030 area ahead of PMIs.

    EUR/USD focus on EMU’s PMI

    The final figures of the manufacturing PMIs in Euroland will take centre stage today, ahead of the more significant ISM Manufacturing due across the pond later in the session.

    The pair has managed to regain the 1.10 handle and beyond following the dip to the vicinity of 1.0980 last Friday. In the meantime, gains in the near and medium term seems somewhat capped in light of the potential announcement of further easing measures by the ECB at its meeting in December.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.25% at 1.1033 and a break above 1.1099 (7-month uptrend prev support now resistance) would target 1.1153 (61.8% Fibo of 1.1496-1.0897) en route to 1.1235 (55-day sma). On the other hand, the initial support lines up at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20).
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