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16 Dec 2014
EUR/USD moves higher ahead of Eurozone PMI data
FXStreet (Mumbai) - The single currency gained strength against the greenback ahead of the release of the preliminary Manufacturing Purchasing Manager’s Index (PMI) data across the Eurozone.
The EUR/USD pair traded 0.14% higher at 1.2454, compared to the previous session’s close of 1.2437 levels. The preliminary PMI readings for December are due out of the Eurozone. Markets would be more focused on the German and French PMI data along with the aggregate Eurozone number.
The German Manufacturing PMI is expected to come-in at 50.4, from November’s final print of 49.5. A reading above 50.00 indicates expansion of activity. Thus, a return of German manufacturing activity to expansion mode may support the single currency. The German Zew survey data will be watched out by markets as well. Meanwhile, the weakness in the US treasury yields is capping the strength in the US dollar.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.2480-1.25, above which gains could be extended to 50-DMA located at 1.2535 levels. Meanwhile, support is seen at 1.2437 (5-DMA) and 1.2385 (10-DMA).
The EUR/USD pair traded 0.14% higher at 1.2454, compared to the previous session’s close of 1.2437 levels. The preliminary PMI readings for December are due out of the Eurozone. Markets would be more focused on the German and French PMI data along with the aggregate Eurozone number.
The German Manufacturing PMI is expected to come-in at 50.4, from November’s final print of 49.5. A reading above 50.00 indicates expansion of activity. Thus, a return of German manufacturing activity to expansion mode may support the single currency. The German Zew survey data will be watched out by markets as well. Meanwhile, the weakness in the US treasury yields is capping the strength in the US dollar.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.2480-1.25, above which gains could be extended to 50-DMA located at 1.2535 levels. Meanwhile, support is seen at 1.2437 (5-DMA) and 1.2385 (10-DMA).