EURO (EUR), Daily Review, August 24th 2010

24 August 2010 @ 06:25 am EDT

The Euro reached the lowest level versus the Dollar in almost six weeks after data showed services and manufacturing growth slowed in the 16 nation Euro area. German Manufacturing PMI came out at 58.2 vs. the 60.9 forecast, and European Manufacturing PMI came out at 55.0 vs. an expected 56.3. The pair has been trading downwards since August and continues to trade under the 10 moving average on the daily chart, therefore the momentum is still bearish and a short position is preferred. Overall, EUR/USD traded with a low of 1.2647 and with a high of 1.2729. Today, Industrial New Orders are expected at 1.6% vs. 3.8% prior.

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