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21 Mar 2013
Forex: EUR/USD below 1.2900 on soft German PMI
FXstreet.com (Barcelona) - The single currency dropped to sub 1.2900 levels after the flash German manufacturing PMI fell to 48.9 in March, missing estimates at 50.5 and down from previous print at 50.3
The services PMI also disappointed investors, easing to 51.6 from February’s 54.7
The euro accelerated its decline to the area around 1.2890 in the wake of the release, while waiting for the EMU PMI due later.
EUR/USD is now down 0.40% at 1.2891 and a drop beyond 1.2878 (MA200d0 would aim for 1.2865 (Lower Bollinger) and then 1.2844 (low Mar.19).
On the flip side, resistance levels line up at 1.2979 (high Mar.20) followed by 1.3032 (MA21d) and then 1.3128 (MA100d).
The services PMI also disappointed investors, easing to 51.6 from February’s 54.7
The euro accelerated its decline to the area around 1.2890 in the wake of the release, while waiting for the EMU PMI due later.
EUR/USD is now down 0.40% at 1.2891 and a drop beyond 1.2878 (MA200d0 would aim for 1.2865 (Lower Bollinger) and then 1.2844 (low Mar.19).
On the flip side, resistance levels line up at 1.2979 (high Mar.20) followed by 1.3032 (MA21d) and then 1.3128 (MA100d).