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EUR/USD unable to cheer upbeat German PMI report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair; under pressure due to expectations of more ECB easing; failed to cheer the a better-than-expected German preliminary private sector activity reports released just now.

    Losses erased, but gains hard to come

    The pair traded largely unchanged on the day around 1.0630 ahead of the German data after having hit a low of 1.06 in Asia. However, the momentum appears to have stalled around 1.0640 despite an uptick in the German PMI figures.

    The manufacturing PMI came-in at 52.6, bettering the estimate of 52.1, while the services PMI printed at 55.6 to beat the estimate of 54.3. Next on tap in the aggregate Eurozone preliminary PMI release.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.0671 (hourly 100-MA), above which the gains could be extended to 1.075 (hourly 200-MA). On the lower side, 1.06 could offer support, but a break below the same would expose 1.0520 (Apr 13 low) and 1.0463 (Mar 13 low).
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