Eur/usd - page 517
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As FOMC is on focus now, the EUR/USD pair is attempting to recover and is testing the 1.06 level. In the morning hours the pair reached high at 1.0644. Expecting further advance and test of the resistance at 1.0670 area.
Yesterday the EURUSD went back and forward without any clear direction but closed in the red, near the low of the day, in addition managed to close within previous day range, which suggests being slightly on the bearish side of neutral as the market waits for todays Fed interest rate decision.
The currency pair continues to trade below the 10, 50 and the 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a daily resistance at 1.0819 (resistance), a Fibonacci extension at 1.0666 (resistance), the 10-day moving average at 1.0641 (resistance), a daily support at 1.0622, and the all-time low at 1.0462 (support).
EUR/USD recorded a slight decline from the previous session, although the euro was trading at higher levels during the day and closed at 1.0625.
By 20.50 GMT EUR/USD fell by 170 pips to 1,0500.
The euro lost ground against the USdollar on Wednesday session. Fed’s meeting reverse course in favor of the US currency. As a result, the EUR/USD pair broke first support at 1.0513. Support is seen at 1.0513 and lowet at 1.0452. Resistance is located at 1.0873 and 1.0925.
Yesterday, after the Fed interest rate hike, the EURUSD fell with a wide range closed near the low of the day, in addition managed to close below previous day low, which suggests a strong bearish momentum.
The currency pair continues to trade below the 10, 50 and the 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a daily resistance at 1.0819 (resistance), a Fibonacci extension at 1.0666 (resistance), the 10-day moving average at 1.0627 (resistance), a daily resistance at 1.0622, and the all-time low at 1.0462 (support).
Eurozone December Manufacturing PMI Hits 68-Month High
The Eurozone Markit flash PMI reading for manufacturing rose to 54.9 for December from 53.7 in November. This was above consensus expectations of 53.9 and the highest reading for 68 months.
The services-sector data declined to 53.1 from 53.8 previously, below expectations of 53.9 and the lowest rate for 2 months.
The Eurozone composite PMI output index was unchanged at 53.9.
The manufacturing sector gained support from an acceleration in new orders growth with the increase in orders at the highest rate since the middle of 2011 as exports gained strongly with an important boost from a competitive Euro. Orders backlogs rose strongly, which will boost the potential for further short-term output gains.
There was a more modest gain in the services sector, although expectations of activity in the year ahead rose to the highest level for 8 months with firm growth expected in 2017. There were further gains in employment, although it was the slowest rate of growth for 2 months.
There was further upward pressure on prices with factory costs recording the largest increase since May 2011. The services sector also saw the biggest increase in costs for four years and average selling prices increased at the fastest pace for over five years.
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