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1 Jul 2014
EUR/USD eyes 1.3700 post-PMIs
FXStreet (Edinburgh) - The shared currency remains in the upper band of the intraday range on Tuesday, with the EUR/USD hovering over 1.3690/1.3700.
EUR/USD bolstered by PMI prints
A mixed tone from European manufacturing PMIs, with only France and Spain surpassing estimates (48.2 and 54.6, respectively), is helping spot to keep the trade near the 1.3700 handle against a backdrop of persistent risk-on mood. According to Shaun Osborne, Chief FX Strategist at TD Securities, “Price action may well be affected by thin conditions but and the risk of more volatility through the remainder of the holiday-shortened week suggests that it would be wrong to dismiss the risk of a return to the 1.3750/1.38 area if the EUR can maintain its current gains through the close of the week”.
EUR/USD levels to watch
As of writing the pair is losing 0.02% at 1.3688 with the next support at 1.3641 (low Jun.30) followed by 1.3610 (low Jun.27) and then 1.3576 (low Jun.26). On the upside, a break above 1.3698 (high Jun.30) would open the door to 1.3723 (high May 21) and finally 1.3734 (high May 19).
EUR/USD bolstered by PMI prints
A mixed tone from European manufacturing PMIs, with only France and Spain surpassing estimates (48.2 and 54.6, respectively), is helping spot to keep the trade near the 1.3700 handle against a backdrop of persistent risk-on mood. According to Shaun Osborne, Chief FX Strategist at TD Securities, “Price action may well be affected by thin conditions but and the risk of more volatility through the remainder of the holiday-shortened week suggests that it would be wrong to dismiss the risk of a return to the 1.3750/1.38 area if the EUR can maintain its current gains through the close of the week”.
EUR/USD levels to watch
As of writing the pair is losing 0.02% at 1.3688 with the next support at 1.3641 (low Jun.30) followed by 1.3610 (low Jun.27) and then 1.3576 (low Jun.26). On the upside, a break above 1.3698 (high Jun.30) would open the door to 1.3723 (high May 21) and finally 1.3734 (high May 19).