EUR/USD Wobbles Near 1.15 Post-PMIs

EUR/USD Wobbles Near 1.15 Post-PMIs

4 May 2016, 10:51
Roberto Jacobs

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).


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