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EUR/USD tests 1.0570 on PMIs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The European currency remains entrenched in the negative territory on Thursday, with EUR/USD now testing lows near 1.0570/65.

    EUR/USD weaker post-PMIs

    The pair has intensified the weekly downside following the softer tone from the final Services PMIs in the euro area during the last month. Ahead in session, EUR will remain under scrutiny in light of EMU’s Retail Sales followed by the critical ECB meeting, where consensus points to further easing measures by the central bank.

    Across the Atlantic, a busy calendar will have the dollar in the centre of the debate, as Factory Orders, Initial Claims, ISM Non-manufacturing, Yellen’s testimony and speeches by Fed’s Mester and Fischer are all due.

    EUR/USD levels to watch

    As of writing the pair is losing 0.44% at 1.0568 facing the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the other hand, a break above 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.0998 (55-day sma).
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