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23 Apr 2013
Forex: EUR/USD intensify the downside
FXstreet.com (Barcelona) - The bloc currency is accelerating its descent on Tuesday after the EMU manufacturing PMI dropped to 46.5, below the median and March’s reading at 46.8.
The euro gave away 100 pips in just an hour, from session highs on better-than-expected French PMI above 1.3080 to the current 2-week lows around 1.2980 on worrisome German and EMU PMI prints. These poor results add to the market chat regarding the likeliness of a rate cut by the ECB in its next monetary policy gathering.
As of writing, the pair is retreating 0.64% at 1.2982 with the next support at 1.2969 (MA21d) followed by 1.2963 (low Apr.8).
On the flip side, resistance levels align at 1.3130 (high Apr.19) followed by 1.3202 (high Apr.16) and finally 1.3229 (50% of Feb-Apr slide).
The euro gave away 100 pips in just an hour, from session highs on better-than-expected French PMI above 1.3080 to the current 2-week lows around 1.2980 on worrisome German and EMU PMI prints. These poor results add to the market chat regarding the likeliness of a rate cut by the ECB in its next monetary policy gathering.
As of writing, the pair is retreating 0.64% at 1.2982 with the next support at 1.2969 (MA21d) followed by 1.2963 (low Apr.8).
On the flip side, resistance levels align at 1.3130 (high Apr.19) followed by 1.3202 (high Apr.16) and finally 1.3229 (50% of Feb-Apr slide).