EUR/USD is steady at the start of the new trading week, as the pair continues to trade in the low-1.35 range. The markets have plenty to keep them busy on Monday. Germans went to the polls on Monday, and Chancellor Angela Merkel easily won a third consecutive term. However, the makeup of the new coalition is yet to be determined. In economic news, Euro PMIs are pointing to a mixed picture. It’s much quieter in the US, with just one economic release – Flash Manufacturing PMI. 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, touching a high of 1.3547 late in the session and consolidating at 1.3540. The pair has edged lower in the European session. Current range: 1.3500 to 1.3570. Further levels in both directions: Below: 1.3500, 1.3450, 1.3415, 1.3325, 1.3240, 1.3175, 1.3050 and 1.3000 Above: 1.3570, 1.3650, 1.3710, 1.3800, 1.3870 and 1.3940. 1.3500 is providing weak support. 1.3570 is the first resistance line on the road to the YTD high of 1.3710. EUR/USD Fundamentals 7:00 French Flash Manufacturing PMI. Exp. 50.2, Actual 49.5 points. 7:00 French Flash Services PMI. Exp. 49.3, Actual 50.7 points. 7:30 German Flash Manufacturing PMI. Exp. 52.3, Actual 51.3 points. 7:30 German Flash Services PMI. Exp. 53.2, Actual 54.4 points. 8:00 Eurozone Flash Manufacturing PMI. Exp. 51.8, Actual 51.1 points. 8:00 Eurozone Flash Services PMI. Exp. 51.1, Actual 52.1 points. 10:00 German Buba Monthly Report. 13:00 ECB President Mario Draghi Speaks. Draghi will address the ECB’s Committee on Economic and Monetary Affairs in Brussels. 13:00 US Flash Manufacturing PMI. Estimate 54.2 points. 13:30 US FOMC Member Dudley Speaks. * All times are GMT. For more events and lines, see the Euro to dollar forecast. EUR/USD Sentiment Manufacturing PMIs down, but Services PMIs improve: Eurozone, German and French PMIs were released on Monday, and there was a strong consistency among the readings, as all the Manufacturing PMIs lost ground, while the Services PMIs improved. The good news from the mixed results was that all of the indexes posted readings above the 50-point level, with the exception of French Flash Manufacturing PMI. The 50-point line is a separator between contraction and expansion, so with the one exception, the services and manufacturing sectors continue to show expansion. Germans re-elect Merkel: Germans went to the polls on Sunday, and Chancellor Angela Merkel was reelected to a third straight term in convincing style. Unofficial results gave Merkel’s CDU and CSU bloc 41.5% of the vote, but the bloc appeared several seats short of a super majority. This means that Merkel will have to reach out to one of the opposition parties to form a coalition, which could lead to some political uncertainty. Merkel’s big win is good news for the euro, but the ensuing uncertainty is not. As a result, the euro has shown little reaction to the election. Dollar takes a tumble as Fed balks on taper: Most analysts, including here, were surprised by thedecision not to taper after many FOMC members said they were coming with an “open mind”. This sent the dollar down across the board. There were quite a few other reasons for tapering, but the Fed was worried about the tightening financial conditions (somewhat self-created with the taper talk in May-June) and the unconvincing growth in the economy. Bernanke reiterated that the unemployment rate overstates the real picture. However, he didn’t rule out the end of QE by mid-2014 or a taper in October, which is the next date that the Federal Reserve reconvenes for a policy meeting. US Data Shines: Overshadowed by the FOMC Statement were excellent US releases on Thursday. Unemployment Claims came in at 309 thousand, well below the estimate of 331 thousand. Existing Home Sales rose to 5.48 million, crushing the estimate of 5.27 million, and posting its best level in over three years. The Philly Fed Manufacturing Index rocketed from 9.3 to 22.3 points, its best showing since May 2011. Perhaps if we’d seen this kinds of numbers a week or two ago, the Fed might have voted differently with regard to QE tapering. Here is a post FOMC technical outlook for EUR/USD. 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. Kenny's Google Profile View All Post By Kenny Fisher EUR/USD DailyForex News Today: Daily Trading News share Read Next Graeme Whittington is OANDA’s new CTO Yohay Elam 10 years EUR/USD is steady at the start of the new trading week, as the pair continues to trade in the low-1.35 range. The markets have plenty to keep them busy on Monday. Germans went to the polls on Monday, and Chancellor Angela Merkel easily won a third consecutive term. However, the makeup of the new coalition is yet to be determined. In economic news, Euro PMIs are pointing to a mixed picture. It's much quieter in the US, with just one economic release - Flash Manufacturing PMI. Here is a quick update on the technical situation, indicators, and market sentiment that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.