EUR/USD – Oct. 24 – Euro Steady as PMIs Disappoint

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EUR/USD remains high in Thursday trading. The pair has dipped below the 1.38 line in Thursday’s European session, as the European PMIs were weak across the board – French, German and Eurozone indicators all missed their estimates. The Spanish Unemployment Rate dropped slightly, to an even 26.0%. It’s a busy day in the US, with three key releases – Unemployment Claims, Trade Balance and New Home Sales.

Here is a quick update on the technical situation, indicators, and market sentiment that moves euro/dollar.

EUR/USD Technical

  • In the Asian session, EUR/USD was steady, but pushed higher late in the session, touching a high of 1.3822. The pair could not maintain these gains and consolidated at 1.3806. The  pair has dipped below the 1.38 line in the European session.
  • Current range: 1.3710 to 1.3800.

Further levels in both directions:  EUR USD Daily Forecast_Oct. 24th

  • Below: 1.3710, 1.3650, 1.3570, 1.3500, 1.3460, 1.3415, 1.3325, 1.3240, 1.3175 and 1.3100.
  • Above: 1.3800, 1.3870, 1.3940 and 1.4036.
  • 1.3710 is providing strong support.
  • 1.3800 is a weak line of resistance and was tested earlier. 1.3870 is stronger.

EUR/USD Fundamentals

  • 7:00 French Flash Manufacturing PMI. Exp. 50.3, Actual 49.4 points.
  • 7:00 French Flash Services PMI. Exp. 51.2, Actual 50.2 points.
  • 7:00 Spanish Unemployment Rate. Exp. 26.1 %, Actual 26.0%.
  • 7:30 German Flash Manufacturing PMI. Exp. 51.6, Actual 51.5 points.
  • 7:30 German Flash Services PMI. Exp. 53.8, Actual 52.3 points.
  • 8:00 Eurozone Flash Manufacturing PMI. Exp. 51.4, Actual 51.3 points.
  • 8:00 Eurozone Flash Services PMI. Exp. 52.3, Actual 50.9 points.
  • Day 1 – EU Economic Summit.
  • 12:30 US Trade Balance. Exp. -39.4B.
  • 12:30 Unemployment Claims. Exp. 343K.
  • 13:00 US Flash Manufacturing PMI. Exp. 52.8 points.
  • 14:00 US New Home Sales. Exp. 427K. See how to trade this event with USD/JPY.
  • 14:00 US JOLTS Job Openings. Exp. 3.77M.
  • 14:30 US Natural Gas Storage. Exp. 80B.

* All times are GMT.

For more events and lines, see the Euro to dollar forecast.

EUR/USD Sentiment

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About Author

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.

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