German Services PMI (Oct) declines to 54.4 , EURUSD remains under pressure !

EURO data
EURO data

The German Services Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the services sector.The report is based on surveys of over 300 business executives in private sector services companies.Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

Usual Effect: A high reading or a better than expected number is seen as positive for the EUR, while a low reading is negative.

Frequency: Released monthly, on the third business day after the month ends.

Last Read :54.8

Expectations : 54.8

Actual : 54.4

Volatility : Various from month to month !! (sometimes high volatility , sometimes medium volatility). 

Market Impact :A reading between 54.4 : 54.0   should bring light bearish move .

Technical Outlook : Intraday support comes at the 1.2500 levels , a clear break below this level will open 1.2438 levels.

Support and resistance : 1.2240 , 1.2300 , 1.2375 , 1.2438 , 1.2500 , 1.2545 , 1.2576 ,1.2630 (main) , 1.2685 , 1.2725 , 1.2770

MARKET DATA

UPCOMING ECONOMIC EVENTS