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20 Feb 2014
EUR/USD recovery falters, back to 1.3700
FXStreet (Córdoba) - The bounce of the EUR/USD lacked follow through and staled at the 1.3730 zone as the greenback resumed the rise after upbeat US manufacturing PMI and weak Eurozone consumer confidence.
The EUR/USD found resistance at the 100-hour SMA turned back south and returned to the 1.3700 comfort zone where it is currently trading, recording a 0.2% loss on the day. On the data front, the US Markit manufacturing PMI rose to 56.7 vs 53.0 expected, while Eurozone consumer confidence deteriorated further in February, with the index falling to -12.7 in February.
EUR/USD technical levels
In terms of technical levels, next resistances are seen at 1.3725 (100-hour SMA), 1.3762 (Feb 20 high), 1.3772 (Feb 19 high) and 1.3800 (psychological level). On the other hand, supports are seen at 1.3685/80 (Feb 20 low/10-day SMA), 1.3653 (50-day SMA) and 1.3618 (100-day SMA).
The EUR/USD found resistance at the 100-hour SMA turned back south and returned to the 1.3700 comfort zone where it is currently trading, recording a 0.2% loss on the day. On the data front, the US Markit manufacturing PMI rose to 56.7 vs 53.0 expected, while Eurozone consumer confidence deteriorated further in February, with the index falling to -12.7 in February.
EUR/USD technical levels
In terms of technical levels, next resistances are seen at 1.3725 (100-hour SMA), 1.3762 (Feb 20 high), 1.3772 (Feb 19 high) and 1.3800 (psychological level). On the other hand, supports are seen at 1.3685/80 (Feb 20 low/10-day SMA), 1.3653 (50-day SMA) and 1.3618 (100-day SMA).