22 Jan 2014
EUR/USD stabilizing near 1.3550
FXstreet.com (Edinburgh) - The EUR/USD is slowly consolidating around the 1.3550 region on Wednesday after another unsuccessful attempt to convincingly break above the 1.3580 area.
EUR/USD eyes on PMIs
The EUR would find extra support on Thursday should the advanced manufacturing/services PMI prints improve in the euro area during January, in line with market consensus. The Chinese manufacturing PMI sponsored by HSBC would set the pace for the risk trends early morning, expected a tad higher at 50.6 vs. 50.5. Camilla Sutton, Chief Strategist at Scotiabank, argued the short-term technicals are bearish, as “all studies remain in sell territory and there are no warnings on the charts. Accordingly, we would expect a near term test down to 1.3500”.
EUR/USD key levels
At the moment the pair is down 0.11% at 1.3543 and a break below 1.3535 (low Jan.22) would target 1.3517 (low Jan.21) and then 1.3508 (2014 low Jan.20). On the upside, the next resistance is located at 1.3575 (MA100d) ahead of 1.3584 (high Jan.22) and then 1.3600 (psychological level).
EUR/USD eyes on PMIs
The EUR would find extra support on Thursday should the advanced manufacturing/services PMI prints improve in the euro area during January, in line with market consensus. The Chinese manufacturing PMI sponsored by HSBC would set the pace for the risk trends early morning, expected a tad higher at 50.6 vs. 50.5. Camilla Sutton, Chief Strategist at Scotiabank, argued the short-term technicals are bearish, as “all studies remain in sell territory and there are no warnings on the charts. Accordingly, we would expect a near term test down to 1.3500”.
EUR/USD key levels
At the moment the pair is down 0.11% at 1.3543 and a break below 1.3535 (low Jan.22) would target 1.3517 (low Jan.21) and then 1.3508 (2014 low Jan.20). On the upside, the next resistance is located at 1.3575 (MA100d) ahead of 1.3584 (high Jan.22) and then 1.3600 (psychological level).