EUR/USD Bears in Control, Targets 1.1450 Ahead of PMIs
The selling pressure around the EUR/USD pair
intensifies in a relatively quiet Asian session, with the greenback
extending its rebound against its major peers amid resurgence of Fed
rate hike talks.
EUR/USD down almost 120-pips from 9-month peaks
Currently,
EUR/USD trades -0.11% lower at 1.1485, having failed once again to
sustain above 1.15 handle. A renewed bout of buying interest seen around
the US dollar versus its major competitors this session sent the main
currency pair further into the red below 1.15 handle. The USD index
trades around fresh three-day highs scored at 93.23, up 0.15% on the
day.
On Tuesday, hawkish comments from Fed officials Lockhart and
Williams over Fed rate hikes prospects this year bolstered the USD
bulls and led to a massive turnaround in the US dollar across the board,
staging a solid rebound from fresh sixteen-month lows.
Looking
ahead, we have an eventful EUR calendar today, with a raft of final
services PMI on the cards from across the Euro area economies. While
markets will also closely eye the US employment data along with the ISM
services PMI for further updates on the major.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1509/16 (daily high/ 1h 50-SMA). A break beyond the last, doors will open for a test of 1.1536/50 (daily pivot/ psychological levels). On the flip side, the immediate support is placed at 1.1450 (1h 100-SMA) below which at 1.1400/1.1390 (key level/ 10-DMA) could be tested.
