EUR/USD Wobbles Near 1.15 Post-PMIs
The single currency is marginally lower vs. its American counterpart on Wednesday, with EUR/USD gyrating around the 1.1500 barrier.
EUR/USD muted on poor PMIs
The
pair paid little attention to disappointing results from Services PMIs
during April, with German and EMU readings coming in below expectations
ahead of Retail Sales in the euro region and the speech by BuBa’s
J.Weidmann.
Spot is looking to consolidate yesterday’s deep
pullback soon after printing fresh 2016 highs at 1.1615 in response to
an abrupt rebound of the US Dollar, giving away more than one big figure
to overnight troughs around 1.1470.
Ahead in the session, the
ADP report, Factory Orders, ISM-Non manufacturing and trade balance
figures will be in the limelight across the pond.
EUR/USD levels to watch
The
pair is now losing 0.13% at 1.1483 and a break below 1.1355 (20-day
sma) would aim for 1.1219 (55-day sma) and then 1.1213 (low Apr.25). On
the other hand, the initial hurdle lines up at 1.1615 (2016 high May 3)
followed by 1.1713 (high Aug.24 2015) and finally 1.2110 (2015 high
Jan.2).
