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23 Apr 2015
EUR/USD might rise above 1.08 if Eurozone PMIs beat expectations – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, anticipates a EUR/USD move towards 1.0827 if both German and Eurozone PMIs beat expectations by a wide margin.
Key Quotes
“On the hourly charts, we see the pair was supported by the hourly 100-MA located at 1.0690 levels earlier today. The RSI indicator continues to stay bearish on the daily as well as the hourly time frame.”
“However, the EUR could be bid higher to 1.0770 once the pair manages to recover above its 10-DMA at 1.0718.”
“It remains to be seen if the pair moves closer to 1.08 in anticipation of an upbeat PMI report. In such a case, the pair could either consolidate around 1.08 break lower post the release of PMI reports.”
“Meanwhile, an attempt at 50-DMA located at 1.0827 could be seen if the German and Eurozone PMI beat expectations by a wide margin. The losses appear capped at 1.0658 levels.”
Key Quotes
“On the hourly charts, we see the pair was supported by the hourly 100-MA located at 1.0690 levels earlier today. The RSI indicator continues to stay bearish on the daily as well as the hourly time frame.”
“However, the EUR could be bid higher to 1.0770 once the pair manages to recover above its 10-DMA at 1.0718.”
“It remains to be seen if the pair moves closer to 1.08 in anticipation of an upbeat PMI report. In such a case, the pair could either consolidate around 1.08 break lower post the release of PMI reports.”
“Meanwhile, an attempt at 50-DMA located at 1.0827 could be seen if the German and Eurozone PMI beat expectations by a wide margin. The losses appear capped at 1.0658 levels.”