The 1.4438 to 1.4443 area has a number of intraday support levels to lean against and the EURUSD on the first look in the NY session found that support. The activity – in NY at least – has been to the downside after the sharp move higher on the back of the better than expected PMI data in Germany and the EU as a whole. The German ZEW Investor Sentiment was worse than expected and this took some of the steam out of the market..
Traders will likely give the benefit of the doubt to the support level (1.4438-43) until broken. If broken the 1.4426 and then 1.4409 become the downside targets for the pair.
On the topside the 1.4470 level (high from August 16th is the next upside target). The high last week came in at 1.4516.
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