24 Mar 2014
EUR/USD is PMI-reactive with Germany killing the rally
FXStreet (Moscow) - EUR/USD made an attempts to break above 1.38 area, and reached 1.3827 session high, but retraced back to 1.3794 at the moment.
France is better, Germany is worse
The amazingly strong French Manufacturing PMI data supported the demand on the Euro printing better than expected 51.9, as it confirmed the further recovery in the region. French economy has balanced on the brink of the recession for quite a long period, and the first return above 50 boom/bust line from February, 2012 made the market think that the core economies of the region increased the pace of growth. Nevertheless, the German PMI was the fly in the ointment, as it came out below expectations printing 53.8 against 54.7 forecast. As a result, the pair reached 1.3827 high, but pulled back to 1.3794 area at the moment. Buyers’ interest is noted around 1.38 area, and they will keep the pair bid. Another attempt to move higher is not ruled out, though 1.3835 area is rumored to have large sellers’ interest that may contain the pair in the narrow range for the short-term.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3791, with support below at 1.3770, 1.3744 and 1.3723, with resistance above at 1.3817, 1.3838, and 1.3864. Hourly Moving Averages are bearish, with the 200SMA at 1.3872 and the daily 20EMA bearish at 1.3813. Hourly RSI is neutral at 53.
France is better, Germany is worse
The amazingly strong French Manufacturing PMI data supported the demand on the Euro printing better than expected 51.9, as it confirmed the further recovery in the region. French economy has balanced on the brink of the recession for quite a long period, and the first return above 50 boom/bust line from February, 2012 made the market think that the core economies of the region increased the pace of growth. Nevertheless, the German PMI was the fly in the ointment, as it came out below expectations printing 53.8 against 54.7 forecast. As a result, the pair reached 1.3827 high, but pulled back to 1.3794 area at the moment. Buyers’ interest is noted around 1.38 area, and they will keep the pair bid. Another attempt to move higher is not ruled out, though 1.3835 area is rumored to have large sellers’ interest that may contain the pair in the narrow range for the short-term.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3791, with support below at 1.3770, 1.3744 and 1.3723, with resistance above at 1.3817, 1.3838, and 1.3864. Hourly Moving Averages are bearish, with the 200SMA at 1.3872 and the daily 20EMA bearish at 1.3813. Hourly RSI is neutral at 53.