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EUR/USD got supported by German and EMU PMIs

FXStreet (Moscow) - EUR/USD kept moving closer to 1.26 area, as French PMIs came out below expectations; however, German data revived the currency sending to current 1.2650.

The euro came under pressure, as France, the second largest euro zone economy, showed lower than expected PMI both in Services and Manufacturing sectors. However, Germany offset the negative sentiment printing much better than expected Manufacturing Index (51.8 vs 49.5), that confirmed the sector is not contracting yet. Overall, the EMU Composite PMI was 52.2 vs 51.7, sending the pair to 1.2650 area, as the market realized that the euro zone shape is not that bad. The next target to the upside may be located at 1.2676.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2676, with support below at 1.2612, 1.2572 and 1.2508, with resistance above at 1.2716, 1.2780 and 1.2820. Hourly Moving Averages are bearish, with the 200SMA at 1.2730 and the daily 20EMA bearish at 1.2747. Hourly RSI is bearish at 23.

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