EUR/USD Hits Fresh Weekly Lows Near 1.1265 on German PMIs
EUR/USD Hits Fresh Weekly Lows Near 1.1265 on German PMIs
The bulls remained largely unimpressed by the mixed German PMI reports, keeping EUR/USD depressed near session lows below 1.13 handle.
EUR/USD eyes 1.1230 next support
Currently,
EUR/USD trades -0.17% lower at fresh weekly lows of 1.1266, breaching
Thursday’s low of 1.1271. The euro-dollar pair failed to resist above
1.13 handle in the early Europe and extends its retreat there on, now
keeping the offers intact after the German PMI reports failed to lift
the sentiment around the EUR.
The German manufacturing PMI for
April came in at 51.9 much stronger than 51.0 expected and 50.7 last.
While the services sector activity deteriorated in April to 54.6,
missing estimates of a 55.1 reading.
All eyes remain on the Euro
zone composite PMI readings for April due out shortly. The forecast for
the Eurozone flash manufacturing PMI shows 51.7 for March, slightly
higher than the 51.6 recorded a month ago, and the Eurozone services
sector is also expected to show a higher result of 53.2 from the final
53.1 reported in March.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1350 (20-DMA/ round number). A break beyond the last, doors will open for a test of 1.1393/1.1400 (Apr 13 High/ psychological levels). On the flip side, the immediate support is placed at 1.1232 (Apr 14 Low) below which at 1.1206 (50-DMA) could be tested.
