EUR/USD plummets through 1.3550 (Edinburgh) - The single currency is now rapidly depreciating against the greenback, dragging the EUR/USD to fresh multi-day lows below 1.3550.

EUR/USD lower despite PMI

The pair has adversely reacted despite manufacturing PMI prints from the euro area came in above expectations for the month of November, showing better Q4 GDP prospects mainly in Germany and the EMU. The pair is now challenging lows around 1.3550 and In light of the ECB meeting on Thursday, Analyst Anders Moller Lumholtz at Danske Bank, commented, “While most watchers expect further action to be taken to stimulate the weak European economy at some point early next year, few look for any action already this week. And, judging from where the markets are trading, we do not believe much is priced in for this week’s meeting in terms of rate cuts or LTRO announcements”.

EUR/USD key barriers

At the moment the pair is losing 0.27% at 1.3547 with the immediate support at 1.3539 (MA10d). On the upside, a breakout of 1.3622 (high Nov.29) would aim for 1.3628 (61.8% of 1.3833-1.3295) and finally 1.3650 (daily cloud top).

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