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23 Aug 2016

EUR/USD treads water around 1.1330 ahead of PMIs

The EUR bulls appear to face exhaustion after the recent run-up, prompting the consolidation in the EUR/USD pair near daily tops, as we head towards the manufacturing and services PMI releases.

EUR/USD eyes a break above 1.1350

Currently, EUR/USD trades +0.09% higher at 1.1330, easing from session tops reached at 1.1342 last hour. The shared currency stalled its upside momentum over the last hour, and treads water ahead of the European session, which will bring along a raft of manufacturing and services PMI releases from across the Euro area economies.

The bids remains intact in the EUR/USD pair as the US dollar extends its gradual decline versus the six major currencies, with the USD index now hovering near session lows struck at 94.33.

In the day ahead, focus will also remain on the US manufacturing PMI and new home sales data for further momentum, ahead of the US durable goods and GDP figures due later this week.

EUR/USD Technical Levels               

In terms of technicals, 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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