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6 Jan 2015
EUR/USD forms a Doji Candle despite upbeat PMI reports
FXStreet (Mumbai) - The EUR/USD pair remains largely unchanged, thereby forming a Doji candle on the daily charts despite the release of an upbeat service sector activity report in France and Germany.
The pair fell from 1.1960 levels to 1.1935 levels after the data in France showed the service sector PMI rose in December to 50.6 from 47.9 in November, better than the 49.8 originally reported. For the first time since August, the index rose above 50.00, indicating expansion in activity. Meanwhile, German services PMI also printed above expectations at 52.1 in December. However, the aggregate Eurozone composite PMI and services PMI came-in slightly lower-than-expected at 51.4 and 51.6 respectively. Still, both the data printed above 50.00 indicating expansion of activity.
Despite the upbeat reports, the EUR/USD pair has erased gains to trade largely unchanged for the day at 1.1939 levels. The single currency is unable to gain strength despite the 10-year Treasury yield trading below 2.00%.
EUR/USD Technical Levels
The pair has an immediate support located at 1.1922, under which losses could be extended to 1.1886. Meanwhile, resistance is seen at 1.1975 and 1.2 levels.
The pair fell from 1.1960 levels to 1.1935 levels after the data in France showed the service sector PMI rose in December to 50.6 from 47.9 in November, better than the 49.8 originally reported. For the first time since August, the index rose above 50.00, indicating expansion in activity. Meanwhile, German services PMI also printed above expectations at 52.1 in December. However, the aggregate Eurozone composite PMI and services PMI came-in slightly lower-than-expected at 51.4 and 51.6 respectively. Still, both the data printed above 50.00 indicating expansion of activity.
Despite the upbeat reports, the EUR/USD pair has erased gains to trade largely unchanged for the day at 1.1939 levels. The single currency is unable to gain strength despite the 10-year Treasury yield trading below 2.00%.
EUR/USD Technical Levels
The pair has an immediate support located at 1.1922, under which losses could be extended to 1.1886. Meanwhile, resistance is seen at 1.1975 and 1.2 levels.