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EUR/USD: Upbeat Eurozone PMIs not appealing enough

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 better-than-expected German PMIs followed by an equally upbeat Eurozone PMI figures did not attract attention from the EUR/USD bulls, who wait on the sidelines on fears of more ECB easing.

    Rejected at 1.0645

    The spot managed to climb a few pips after the German data release, but was rejected at 1.0645 levels and fell back to 1.0630 ahead of the Eurozone data. The preliminary Eurozone manufacturing PMI and services PMI bettered estimate to print at 52.8 and 54.6, but hardly had any impact on the pair.

    The focus now is on the Fed’s closed meeting on discount rates. Markets do not see the Fed hiking discount rates today.

    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, followed by a support at 1.0520 (Apr 13 low) and 1.0463 (Mar 13 low).
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