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.