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2 Jan 2015
EUR/USD hits fresh 2-1/2 year low
FXStreet (Mumbai) - The EUR/USD pair fell to 1.2035 levels, lowest since July 2012, after the French manufacturing PMI dropped to a 4-month low in December.
The pair currently trades 0.47% lower for the day at 1.2047 levels. The French manufacturing PMI in December was confirmed at a 4-month low of 47.5. However, the German manufacturing PMI was confirmed in expansion territory at 51.2, up from the 17-month low of 49.5 in November. Meanwhile, the Eurozone manufacturing PMI was confirmed at50.6, slightly lower from the November’s 50.8.
The losses in the EUR/USD pair have been capped so far around 1.2035 levels by the expansion in the German manufacturing sector. However, weakness in the French and the aggregate Eurozone reading is likely to weigh on the single currency.
EUR/USD Technical Levels
The pair has an immediate support located at 1.2035, under which the 1.2 levels shall act as a strong psychological support. Meanwhile, resistance is located at 1.2115 (5-DMA) and 1.2157 (10-DMA).
The pair currently trades 0.47% lower for the day at 1.2047 levels. The French manufacturing PMI in December was confirmed at a 4-month low of 47.5. However, the German manufacturing PMI was confirmed in expansion territory at 51.2, up from the 17-month low of 49.5 in November. Meanwhile, the Eurozone manufacturing PMI was confirmed at50.6, slightly lower from the November’s 50.8.
The losses in the EUR/USD pair have been capped so far around 1.2035 levels by the expansion in the German manufacturing sector. However, weakness in the French and the aggregate Eurozone reading is likely to weigh on the single currency.
EUR/USD Technical Levels
The pair has an immediate support located at 1.2035, under which the 1.2 levels shall act as a strong psychological support. Meanwhile, resistance is located at 1.2115 (5-DMA) and 1.2157 (10-DMA).