6 Nov 2013
EUR/USD recovers 1.3500
FXstreet.com (Edinburgh) -The EUR/USD regained the 1.3500 handle at the end of the Asian session on Wednesday, ahead of services PMI results in the euro area.
EUR/USD eyes on PMI, German data
The results from the Services PMIs in the main economies of the bloc would grab the attention during the European morning, followed by EMU’s retail sales and German Factory Orders. The pair would remain under pressure however, as market consensus remains mixed on these releases. Across the Atlantic, the CB Leading Indicator would be in the spotlight. Analyst Stoyan Mihaylov at DeltaStock.com argued “Still in the consolidation pattern above 1.3442 low and my intraday outlook here is bullish, for a rise towards 1.3567 minor resistance, en route to 1.3650 major hurdle. Crucial on the downside is 1.3442 low”.
EUR/USD critical levels
The pair is now up 0.26% at 1.3507 and a break above 1.3523 (high Nov.5) would target 1.3525 (high Nov.4) and then 1.3589 (high Nov.1). On the downside, the immediate support lies at 1.3442 (low Nov.4) ahead of 1.3421 (38.2% of 1.2755-1.3833) and finally 1.3399 (high Aug.28).
EUR/USD eyes on PMI, German data
The results from the Services PMIs in the main economies of the bloc would grab the attention during the European morning, followed by EMU’s retail sales and German Factory Orders. The pair would remain under pressure however, as market consensus remains mixed on these releases. Across the Atlantic, the CB Leading Indicator would be in the spotlight. Analyst Stoyan Mihaylov at DeltaStock.com argued “Still in the consolidation pattern above 1.3442 low and my intraday outlook here is bullish, for a rise towards 1.3567 minor resistance, en route to 1.3650 major hurdle. Crucial on the downside is 1.3442 low”.
EUR/USD critical levels
The pair is now up 0.26% at 1.3507 and a break above 1.3523 (high Nov.5) would target 1.3525 (high Nov.4) and then 1.3589 (high Nov.1). On the downside, the immediate support lies at 1.3442 (low Nov.4) ahead of 1.3421 (38.2% of 1.2755-1.3833) and finally 1.3399 (high Aug.28).