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Euro shrugs off poor PMI reports
The euro is trading higher despite the disappointing manufacturing and services purchasing managers index (PMI) reports from the eurozone this morning. The earlier reports from France and Germany also missed market estimates, so it was a given that the entire region will yield poor figures.
We are not expecting any more economic announcements from the eurozone today, but the meeting between Angela Merkel and Alexis Tsipras today will set the tone for the Eurogroup meeting tomorrow. Athens is still playing hardball with its creditors, and all the while Greece refuses to meet eye-to-eye with the rest of the Eurozone. Any advances in EUR/USD will be limited.
The 200-hour moving average (MA) is providing support at $1.069.7 If this mark is held, it will bring the resistance at $1.0770/80 into play, and a move through that level will put $1.08 on the radar. A drop below the 200-hour MA will bring the support at $1.0660 into play, and if that level is punctured traders will look to $1.0625 and then $1.06.