EUR/USD gets a boost from fundamentals

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The European Union country Purchasing Managers Indices were released from 07:15 GMT up to 08:00 GMT. In general, the event caused a surge of the Euro. However, the move was stopped by the 1.0675/1.0690 range and the weekly R1 simple pivot point at 1.0695.

In general, the markets expected that the Manufacturing and Services sectors are doing badly. Although, it was revealed that the Services sector in the European countries is even expanding.

An extension of the decline of the pair could look for support in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0648/1.0660. Below this range, note that the pair paused at 1.0640 and 1.0625. These levels would need to fail, before the pair reaches the 1.0600 mark and the weekly S1 simple pivot point at 1.0606.

On the other hand, a surge of the Euro against the Dollar would have to break the 1.0675/1.0690 range, the weekly R1 at 1.0695 and the 1.0700 mark. Above these levels, the next target could be the weekly R2 at 1.0767.
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