EUR/USD Retakes and Keeps 1.1300, PMIs Eyed

EUR/USD Retakes and Keeps 1.1300, PMIs Eyed

22 April 2016, 08:30
Roberto Jacobs

EUR/USD Retakes and Keeps 1.1300, PMIs Eyed

The single currency is looking to consolidate yesterday’s sharp drop vs. the greenback, with EUR/USD now navigating the 1.1300 area.

EUR/USD focus on PMIs

While market participants continue to digest yesterday’s ECB meeting and Draghi’s words, focus will return to the data space in Euroland, where the preliminary manufacturing and services PMIs are due later.

The pair is posting meager gains ahead of the opening bell in the Old Continent on Friday, advancing after two consecutive daily pullbacks and recovering some pips following yesterday’s rejection from post-Draghi peaks in the 1.14 neighbourhood.

EUR/USD levels to watch

The pair is now up 0.13% at 1.1303 and a break above 1.1399 (high Apr.21) would target 1.1454 (2016 high Apr.7) en route to 1.1496 (monthly high Oct.15 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1195 (55-day sma) and finally 1.1142 (low Mar.24).


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