24 Oct 2013
EUR/USD toying with 1.3800
FXstreet.com (Edinburgh) - The shared currency is now extending its bounce off intraday lows, pushing the EUR/USD back to challenge the key handle at 1.3800 on Thursday.
EUR/USD recovers from poor PMI
The pair quickly shrugged off the disappointing data from this morning’s manufacturing/services PMI prints and managed to recover the boundaries of 1.3800 the figure ahead of the US docket due later. Jane Foley, Strategist at Rabobank, assessded, “EUR/USD is set to remain well supported on the back of USD weakness as the market looks to 2014 for the first Fed tapering. That said, the disappointing set of PMI data from the Eurozone this morning has served as a check on the EUR. The data have offered a reminder that the recovery in the region remains “very green” and that the policy of the ECB is set to remain very accommodative for some time yet”.
EUR/USD levels to watch
At the moment the pair is up 0.16% at 1.3799 and a break above 1.3824 (2013 high Oct.24) would target 1.3859 (high Nov.11 2011) en route to 1.3871 (high Nov.1 2011). On the flip side, the initial support aligns at 1.3741 (low Oct.23) followed by 1.3700 (psychological level) and finally 1.3662 (low Oct.22).
EUR/USD recovers from poor PMI
The pair quickly shrugged off the disappointing data from this morning’s manufacturing/services PMI prints and managed to recover the boundaries of 1.3800 the figure ahead of the US docket due later. Jane Foley, Strategist at Rabobank, assessded, “EUR/USD is set to remain well supported on the back of USD weakness as the market looks to 2014 for the first Fed tapering. That said, the disappointing set of PMI data from the Eurozone this morning has served as a check on the EUR. The data have offered a reminder that the recovery in the region remains “very green” and that the policy of the ECB is set to remain very accommodative for some time yet”.
EUR/USD levels to watch
At the moment the pair is up 0.16% at 1.3799 and a break above 1.3824 (2013 high Oct.24) would target 1.3859 (high Nov.11 2011) en route to 1.3871 (high Nov.1 2011). On the flip side, the initial support aligns at 1.3741 (low Oct.23) followed by 1.3700 (psychological level) and finally 1.3662 (low Oct.22).