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EUR/USD Oct. 24 – Weakens as German and Euro PMIs

The EUR/USD,  which  had an impressive rally just last week,  continues to lose ground, after the release of  disappointing data  this morning. Manufacturing and Service PMIs out of Germany and the Euro-zone were weak, and the German Ifo Business Climate failed to reach the market estimate. ECB President Mario Draghi  is scheduled to  hold meetings and a press conference at the Bundestag in Berlin, but the markets will be focused on the US, where  the Fed  will set its benchmark interest rate and release its first monetary policy statement since QE3. Today’s key release is US New Home Sales.

Here’s an update about technical lines, fundamental indicators and sentiment regarding EUR/USD.

EUR/USD Technical

  • Asian session: Euro/dollar was quiet, and consolidated around 1.2990. The pair has  lost ground  in the European session.
  • Current range: 1.29 to 1.2960.

Further levels in both directions:    

  • Below: 1.29, 1.2814, 1.2750, 1.2670, 1.2624 and 1.2587.
  • Above: 1.2960, 1.30, 1.3060, 1.3105, 1.3170, 1.3290, 1.34, 1.3437 and 1.3480.
  • 1.2960 is providing weak resistance. 1.30 is stronger.
  • 1.29 is the next line on the downside.

Euro/dollar weakens after poor PMIs- click on the graph to enlarge.

EUR/USD Fundamentals

  • 7:00 French Flash Manufacturing PMI. Exp.  43.9 points. Actual 43.5 points.
  • 7:00 French Flash  Services PMI. Exp. 45.6 points. Actual 46.2 points.
  • 7:30  German Flash Manufacturing PMI. Exp. 48.1 points. Actual 45.7 points.
  • 7:30 German Flash  Services PMI. Exp. 50.1 points. Actual 49.3 points.
  • 8:00  Geman Ifo  Business Climate. Exp.  101.5 points. Actual 100.0 points.
  • 8:00 Euro-zone Flash Manufacturing PMI. Exp. 46.6 points. Actual 45.3 points.
  • 8:00 Euro-zone Flash  Services PMI. Exp. 46.5 points. Actual 46.2 points.
  • Tentative: German 10-year Bond Auction.
  • 11:45 ECB President Mario Draghi Speaks.
  • 13:00 US Flash Manufacturing PMI. Exp. 51.6 points.
  • 14:00 ECB President Mario Draghi Speaks.
  • 14:00 US New Home Sales. Exp. 386K.
  • 14:30 US Crude Oil Inventories. Exp. 2.0M.
  • 18:15 US FOMC Statement.
  • 18:15 US Federal Funds Rate. Exp. <0.25%
For more events and lines, see the Euro to dollar forecast

EUR/USD Sentiment

Kenny Fisher

Kenny Fisher

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.