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16 Dec 2013
EUR/USD finding roadblocks ahead of 1.38
FXstreet.com (Chicago) - EUR/USD is subdued below the 1.38 front despite spike to 1.3799 session highs earlier today on 0.30% advancement against the greenback.
Data
Data in Europe evidences mixed Markit results with the Manufacturing PMI at 52.7 vs. expected 51.9 and PMI Composite at 52.1 vs. estimates at 51.9 while the Services PMI was 51 vs. expected 51.5. ECB President Draghi shall be talking around 14 GMT as investors prepare for the American trading session opening and industrial performance results in the US.
EUR/USD Technical Levels
Price action reveals the pair finds resistance around a double tops limit zone around the 1.38 key psychological area. Having rebound from the 2-week 1.37 lows earlier last week, the pair spiked back above the 1.38 zone but finds a bearish pull ahead of the European session closing. Offered at 1.3780, the pair oscillates between the supports aligned at 1.3740 (December 8th highs), 1.3686 (December 8th lows) ahead of 1.3649 (October 3rd highs) and the resistances set at 1.38 (December 12th highs), 1.3834 (October 24th highs) followed by 1.3862 (November 6th highs 2011).
Data
Data in Europe evidences mixed Markit results with the Manufacturing PMI at 52.7 vs. expected 51.9 and PMI Composite at 52.1 vs. estimates at 51.9 while the Services PMI was 51 vs. expected 51.5. ECB President Draghi shall be talking around 14 GMT as investors prepare for the American trading session opening and industrial performance results in the US.
EUR/USD Technical Levels
Price action reveals the pair finds resistance around a double tops limit zone around the 1.38 key psychological area. Having rebound from the 2-week 1.37 lows earlier last week, the pair spiked back above the 1.38 zone but finds a bearish pull ahead of the European session closing. Offered at 1.3780, the pair oscillates between the supports aligned at 1.3740 (December 8th highs), 1.3686 (December 8th lows) ahead of 1.3649 (October 3rd highs) and the resistances set at 1.38 (December 12th highs), 1.3834 (October 24th highs) followed by 1.3862 (November 6th highs 2011).