You are not logged in.
- Trader, Analyst and webmaster for Forex-Tribe
- Registered: 16-07-2008
- Posts: 39332
- Reputation : 0
Share this topic :
EUR/USD: Euro pressured on downbeat economic data
However, Germanyís real retail sales advanced 3.1% (MoM) in January, while the manufacturing PMI rose to a reading of 50.3 in February, above market consensus of 50.1 and following a reading of 49.8 in January. Separately, manufacturing purchasing managersí index (PMI) in France advanced to a reading of 43.9 in February, slightly higher than the flash reading of 43.6, and compared to a reading of 42.9 in January.
In the Asian session, at GMT0400, the pair is trading at 1.3015, with the EUR trading marginally lower from Fridayís close.
The pair is expected to find support at 1.2953, and a fall through could take it to the next support level of 1.2892. The pair is expected to find its first resistance at 1.3089, and a rise through could take it to the next resistance level of 1.3164.
In economic news due later today, investors hold a bearish view over Euro-zoneís Sentix investor confidence and the annual producer price index.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.