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23 Apr 2014
EUR/USD is full of hope at 1.3830 before PMIs
FXStreet (Moscow) - EUR/USD shows another attempt to climb above 1.3830, starting the day at 1.3804 and posting 1.3836 session high by the moment.
Will PMIs take EUR out of the range?
EUR/USD climbed to 1.3824 during European hours on Tuesday, but much better than expected Richmond FED Manufacturing Index and Existing Home Sales boosted US Dollar demand across the board. As a result EUR/USD ended the day at 1.3804. Today we are waiting for flash PMI indices from euro zone, and as they are expected to improve slightly it fuels the demand on the euro pushing it up to 1.3836 by the moment. EU Composite PMI might move higher to 53.3 in April, which would be the best result since 2011 in line with the view that the EZ economy is recovering slowly. This news might support EUR, but it is not going to be a game changer as investors are concentrated on inflation. The key levels to watch 1.3800 (current Asian low) followed by minor demand at 1.3790 on the downside and 1.3845/50 (medium offers with stops) on the upside.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3805, with support below at 1.3784, 1.3763 and 1.3742, with resistance above at 1.3826, 1.3847, and 1.3868. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3829 and the daily 20EMA neutral at 1.3806. Hourly RSI is bullish at 59.
Will PMIs take EUR out of the range?
EUR/USD climbed to 1.3824 during European hours on Tuesday, but much better than expected Richmond FED Manufacturing Index and Existing Home Sales boosted US Dollar demand across the board. As a result EUR/USD ended the day at 1.3804. Today we are waiting for flash PMI indices from euro zone, and as they are expected to improve slightly it fuels the demand on the euro pushing it up to 1.3836 by the moment. EU Composite PMI might move higher to 53.3 in April, which would be the best result since 2011 in line with the view that the EZ economy is recovering slowly. This news might support EUR, but it is not going to be a game changer as investors are concentrated on inflation. The key levels to watch 1.3800 (current Asian low) followed by minor demand at 1.3790 on the downside and 1.3845/50 (medium offers with stops) on the upside.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3805, with support below at 1.3784, 1.3763 and 1.3742, with resistance above at 1.3826, 1.3847, and 1.3868. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3829 and the daily 20EMA neutral at 1.3806. Hourly RSI is bullish at 59.