20 Feb 2015
EUR/USD drops to fresh weekly lows despite upbeat EMU data
FXStreet (Mumbai) - EUR/USD fell to fresh weekly lows after EMU and German manufacturing and services PMI as markets now focus on the crucial Euro group meeting with Greece's debt deal in the spotlight.
EUR/USD slipped from 1.1330 levels post data
The EUR/USD now trades lower by -0.49% at fresh one-week lows of 1.1310, slipping from 1.1330 levels before the data release. EUR/USD dived deeper in losses after slightly upbeat EMU PMI reading did little to lift the single currency. In the euro zone as a whole, the flash manufacturing PMI hit 51.1 points in February after 51 points a month ago, compared to estimates of 51.5 points. The gauge for the services sector edged up to 53.9 points in the measured month, from 52.7 points in January, while 53 points had been expected.
Meanwhile, the shared currency remains pressured versus the US dollar in anticipation of an outcome on Greece debt at the Euro group meeting. Failure to reach an agreement will likely see the euro come under increased selling pressure.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1374 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 (Feb 11 Low) levels.
EUR/USD slipped from 1.1330 levels post data
The EUR/USD now trades lower by -0.49% at fresh one-week lows of 1.1310, slipping from 1.1330 levels before the data release. EUR/USD dived deeper in losses after slightly upbeat EMU PMI reading did little to lift the single currency. In the euro zone as a whole, the flash manufacturing PMI hit 51.1 points in February after 51 points a month ago, compared to estimates of 51.5 points. The gauge for the services sector edged up to 53.9 points in the measured month, from 52.7 points in January, while 53 points had been expected.
Meanwhile, the shared currency remains pressured versus the US dollar in anticipation of an outcome on Greece debt at the Euro group meeting. Failure to reach an agreement will likely see the euro come under increased selling pressure.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1374 (5-DMA) levels, above which gains could be extended to 1.1400 levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 (Feb 11 Low) levels.