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3 Mar 2014
EUR/USD edges lower after ISM mfg PMI
FXStreet (Córdoba) - The greenback strengthened slightly and dragged the EUR/USD to fresh daily lows following better-than-expected US manufacturing PMI readings from Markit and ISM.
The EUR/USD dropped to alow of 1.3746 after the ISM manufacturing PMI rose 1.9 points to 53.2 in February, beating expectations that it would rise only to 52.0. However, the pair found support and it is currently trading at the 1.3755 zone, down 0.3% on the day.
EUR/USD technical outlook
"As for the EUR/USD technical picture, the hourly chart shows price capped below its 20 SMA, currently converging with the 23.6% retracement of the latest bullish run around 1.3780 while indicators remain stuck around their midlines", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart a slightly bullish tone prevails albeit price needs to regain the 1.3800 mark to be able to extend its advance today, something still not clear".
The EUR/USD dropped to alow of 1.3746 after the ISM manufacturing PMI rose 1.9 points to 53.2 in February, beating expectations that it would rise only to 52.0. However, the pair found support and it is currently trading at the 1.3755 zone, down 0.3% on the day.
EUR/USD technical outlook
"As for the EUR/USD technical picture, the hourly chart shows price capped below its 20 SMA, currently converging with the 23.6% retracement of the latest bullish run around 1.3780 while indicators remain stuck around their midlines", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart a slightly bullish tone prevails albeit price needs to regain the 1.3800 mark to be able to extend its advance today, something still not clear".