1 Aug 2013
EUR/USD keeps falling despite PMIs
FXstreet.com (Barcelona) -Better PMI prints in the core euro area don’t seem to be enough to expel the current pessimism around the EUR/USD, with the pair testing lows below 1.3240 so far.
EUR/USD door open for a leg lower?
The pair is on its way to test weekly lows around 1.3200/20, printed yesterday post-US GDP. The failure to break and sustain levels beyond 1.3300 the figure is increasing the chances of a deeper pullback in case the ECB emerges on the dovish side and the US labour market surprises to the upside. “The ECB will also be under some pressure today to try to dampen upward pressure from euro-zone short rates and the euro while acknowledging further evidence of economic recovery”, commented Lee Hardman, Currency Strategist at BTMU.
EUR/USD key levels
The pair is now losing 0.44% at 1.3243 with the next support at 1.3234 (low Jul.30) ahead of 1.3207 (low Jul.31) and then 1.3200 (psychological level). On the flip side, a surpass of 1.3417 (high Jun.19) would open the door to 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740).
EUR/USD door open for a leg lower?
The pair is on its way to test weekly lows around 1.3200/20, printed yesterday post-US GDP. The failure to break and sustain levels beyond 1.3300 the figure is increasing the chances of a deeper pullback in case the ECB emerges on the dovish side and the US labour market surprises to the upside. “The ECB will also be under some pressure today to try to dampen upward pressure from euro-zone short rates and the euro while acknowledging further evidence of economic recovery”, commented Lee Hardman, Currency Strategist at BTMU.
EUR/USD key levels
The pair is now losing 0.44% at 1.3243 with the next support at 1.3234 (low Jul.30) ahead of 1.3207 (low Jul.31) and then 1.3200 (psychological level). On the flip side, a surpass of 1.3417 (high Jun.19) would open the door to 1.3456 (high Feb.14) and then 1.3481 (76.4% of 1.3711-1.2740).