EUR/USD rebounded on stronger German PMI, but the EMU data stopped the move

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Moscow) - EUR/USD posted 1.3242 low not seen from September, 2013, but rebounded to 1.3277 on better-than-expected German PMI data; it is trading at 1.3268 post the weaker EMU PMI release.



PMI’s are out



The euro got helped by the stronger-than-expected Italian and German PMI’s. However, the demand on the euro is quite modest, as even though the German readings exceeded expectations they still retreated from July levels both in Manufacturing and Service sector. The EMU PMI Composite came at 52.8 vs 53.4 expected, only confirming the slowing of the euro zone economy . The pair is trading at 1.3268 with the nearest target at 1.3305 to the upside, and 1.3234 to the downside.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3280, with support below at 1.3234, 1.3209, and 1.3163, with resistance above at 1.3305, 1.3351 and 1.3376. Hourly Moving Averages are bearish, with the 200SMA at 1.3355 and the daily 20EMA bearish at 1.3393. Hourly RSI is bearish at 37.



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