20.02.2014 - The euro has fallen to the support line
The price of euro has fallen on the background of macro statistics from Germany, where the manufacturing PMI in February dropped to 54.7 against the forecast 56.4. Germany is the largest economy in Europe and is a major player in the European Union. Meanwhile, the same indicator in the euro area has fallen to 53.0 against the forecast of growth to 54.2. Further movement of the EUR/USD will depend on the statistics on the labor market in the U.S. (13:30 GMT). Moreover we should pay attention to the manufacturing PMI in the U.S. (14:00 GMT). In the long run, the Fed's monetary policy, which aims on reduction of the quantitative easing program should lead to a strengthening of the dollar.
In case of further decrease, support will be at 1.3630. Growth is limited by a local maximum at 1.3770.
Wish you the profits!
FXFINPRO Capital Analytical department.