22 Aug 2013
EUR/USD climbs to highs on EMU data
FXstreet.com (Edinburgh) -The shared currency is now recovering ground, pushing the EUR/USD to fresh peaks around 1.3360/65 after better EMU data.
EUR/USD up on PMIs
Manufacturing and Services PMI prints above forecasts in both the bloc as a whole and Germany are propping up the current correction higher to levels beyond 1.3360, bouncing off the area of 1.3320. According to Morten Helt, Senior Analist at Dasnke Bank, “the broad USD support and hence a significant trend lower in EUR/USD requires support from relative rates stemming from a steeper US money market curve, which remains a 2014 theme. Hence, EUR/USD is likely to remain range bound in the coming months”
EUR/USD levels to watch
The pair is now losing 0.01% at 1.3354 with the next support at 1.3323 (low Aug.20) followed by 1.3314 (low Aug.19) and then 1.3312 (low Aug.16). On the flip side, a break above 1.3427 (high Aug.21) would aim for 1.3453 (high Aug.20) and finally 1.3456 (high Feb.14).
EUR/USD up on PMIs
Manufacturing and Services PMI prints above forecasts in both the bloc as a whole and Germany are propping up the current correction higher to levels beyond 1.3360, bouncing off the area of 1.3320. According to Morten Helt, Senior Analist at Dasnke Bank, “the broad USD support and hence a significant trend lower in EUR/USD requires support from relative rates stemming from a steeper US money market curve, which remains a 2014 theme. Hence, EUR/USD is likely to remain range bound in the coming months”
EUR/USD levels to watch
The pair is now losing 0.01% at 1.3354 with the next support at 1.3323 (low Aug.20) followed by 1.3314 (low Aug.19) and then 1.3312 (low Aug.16). On the flip side, a break above 1.3427 (high Aug.21) would aim for 1.3453 (high Aug.20) and finally 1.3456 (high Feb.14).