EUR/USD Depressed Near 1.1270
The shared currency keeps the defensive fashion at the end of the week, now taking EUR/USD to the lower bound of the range in the 1.1270 region
EUR/USD subdued post-PMIs, USD strength
The persistent buying interest around the dollar has been exacerbated in the wake of the ECB meeting on Thursday, and is currently sustaining the ongoing weekly decline in the pair.
Mixed results from advanced manufacturing/services PMIs in Euroland have passed unnoticed for market participants, while Markit’s PMI will take centre stage across the pond later.
Collaborating with the downbeat sentiment in EUR, the ECB’s SPF now expect 2016 GDP to expand 1.5%, down from previous 1.7%.
EUR/USD levels to watch
The pair is now losing 0.12% at 1.1274 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would aim for 1.1195 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the immediate hurdle aligns at 1.1399 (high Apr.21) ahead of 1.1466 (2016 high Apr.12) and then 1.1496 (monthly high Oct.15 2015).