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).
