EUR/USD Still Depressed, Near 1.1200
The demand for the single currency remains subdued on Monday, taking EUR/USD to the boundaries of 1.1200 the figure for the time being.
EUR/USD focus on US PMI
The pair remains in the lower band of the intraday range so far,
although sellers have so far failed to push it below the 1.1200 key
support.
Disappointing advanced PMI results in the euro area have prompted spot
to give away initial gains and spark a leg lower to the current levels.
In the US, St. Louis Fed J.Bullard (voter) previously said the US
economy is growing below trend around 2%, while San Francisco Fed
J.Williams (non-voter) is expected to speak later. On the data front,
Markit’s advanced Manufacturing PMI is due for the current month.
EUR/USD levels to watch
The pair is now losing 0.12% at 1.1210 and a break below 1.1178 (low May
19) would target 1.1163 (100-day sma) en route to 1.1142 (low Mar.24).
On the other hand, the initial hurdle aligns at 1.1302 (55-day sma)
followed by 1.1351 (20-day sma) and finally1.1448 (high May 11).
