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23 Aug 2016

German/ Eurozone flash PMIs preview: What to expect of EUR/USD?

The EUR/USD pair wavers within the close vicinity of the daily tops reached at 1.1342, and now awaits fresh impetus from the upcoming flash manufacturing and services PMI reports from the Euro area economies, for the next push higher.

German manufacturing sector activity to weaken slightly in August

Amongst the Euro are economies, the PMI reports from Germany and Eurozone as an entire bloc hold more relevance, in terms of its impact on the European currency and the markets as well.

The forecast for the Eurozone flash manufacturing PMI shows 52.1 for August, slightly higher than the 52.0 recorded a month ago, and the Eurozone services sector is also expected to show a higher result of 53.0 from the final 52.9 reported in July.

The flash manufacturing PMI for Germany is expected to tick lower to 53.7 compared to the final 53.8 result booked previously. While, the index for the services sector is expected to come in a tad weaker at 54.3 in Aug, against 54.4 last.

We may witness significant action on the releases of the PMI reports, as investors eagerly await fundamental drivers for fresh EUR moves.

EUR/USD Technical Level

At 1.1335, the pair finds the immediate resistance 1.1367 (post-Brexit high). A break beyond the last, doors will open for a test of 1.1400 (round figure). On the flip side, the immediate support is placed at 1.1270 (10-DMA) below which 1.1206/03 (100 & 20-DMA) could be tested.

 

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