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Forex pairs in this Article » EUR/USD (Barcelona) - Having climbed overnight, EUR/USD has ranged within the European session so far, finding support on the hourly 50 SMA, and is presently trading at 1.3769.

EUR/USD supported following mixed PMI data

This morning was all about Core EU PMI data, and began with France continuing to disappoint, missing expectations and remaining below the key 50 level for both Manufacturing and Services readings. EUR/USD experienced some measured volatility following mixed German PMI numbers, which saw Manufacturing better forecasts at 54.2/53, but miss on Services 54/55.5. Spot made a session low at 1.3740 and the hourly 50 SMA provided further support. However to the upside, the hourly 100 SMA at 1.3758 had provided a near term cap. With the release of EU PMI, which shows better than expected Manufacturing and Composite, but weaker Services numbers, spot has edged higher to where it is presently trading at 1.3753. Ahead however, ECB Pres. Draghi will be speaking at 14:00 GMT.

What are today’s key technicals?

EUR/USD is presently up 0.23% on the days trading, and RSI is at 56 and neutral, with ADX at 32. The proprietary tools, the OB/OS Index and the Trend Index are showing spot to be overbought and slightly bullish respectively. The hourly 200 SMA sits at 1.3704 and is sloping higher, with the daily 20 EMA climbing at 1.3644. On a weekly chart, a Shooting Star Candlestick pattern can be observed, with a Hammer seen on a monthly chart too. FXBeat’s Matt Bacon-Hall feels that the range between 1.3770-80 could offer next resistance, with Prop Account offers clustered, and support can be seen below at 1.3700-3690 with a block of Corporate Bids.
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