EUR/USD Current price: 1.1971
The EUR/USD pair holds around early London level ahead of Wall Street's opening, up for the day on upbeat growth figures coming from the EU, yet having retreated from 1.2004. The common currency gained ground after the September preliminary Markit PMIs came in better-than-expected, with German figures reaching fresh over six-year highs, and EU ones nearing the levels seen last May. The positive momentum, however, met profit taking once the pair spiked through 1.2000, as ECB's message over the pair breaking above it has been quite clear lately: further EUR strength will maintain QE in place. The US will also release its preliminary September PMIs later today, which may trigger some late-week action.
Technically, the pair lacks upward strength, maintaining a neutral short-term stance as intraday indicators continue heading nowhere around their mid-lines, although with the price above moving averages in the 4 hours chart, the scale leans towards the upside. As commented on previous updates, the pair would need then to surpass the 1.2030 mark to gain short term momentum and extend its advance, with next resistances then at 1.2070 and 1.2100. Below 1.1950, on the other hand, the pair could retreat down to 1.1910, where buying interest will likely re-surge.
Support levels: 1.1950 1.1910 1.1870
Resistance levels: 1.2000 1.2030 1.2070
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