FXStreet (Moscow) - EUR/USD moved up in tiny steps despite worse than expected French and Italy PMI data, the German disappointment stopped the recovery at first, but only for a couple of minutes.

PMIs are out, but Russia is on tap

The pair had a desire to recover part of the losses when the European markets opened, thus, the weaker than expected reading from peripheral economies were ignored by the euro bulls. The German Service PMI disappointed as well coming at 54.9 vs 56.4 expected, and raising fears that the euro zone engine is not doing well. The data initially pressured the single currency sending it to 1.3126 low, but the bulls stepped in, and supported the pair comeback above 1.3150. The possible reason of the euro strength was the report of permanent agreement between Russia and Ukraine.

What are today’s key EUR/USD levels?

The pair reached 1.3155 high by the moment, and is trading at 1.3150 now. Today's central pivot point can be found at 1.3130, with initial support below at 1.3104, followed by 1.3064, and 1.3007. The nearest resistance may be located at 1.3204, once 1.3150 is broken.

Related Articles
  1. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  2. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  3. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  4. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  5. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  6. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  7. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  8. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  9. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  10. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!