FXstreet.com (Barcelona) - The services PMI in the MU rose more than expected from 47.1 to 47.9 in July. Among the Euro area countries, Germany was able to turn from contractionary (49.9) to expansionary (50.3) and France kept a steady pace by moving from 47.9 to 50.0.
The EUR/USD continues its European session upside, extending the bounce from Thursday’s plunge to 1.2134 low. The pair is already at 1.2218 and approaches the 200-hour moving average, at 1.2223, and the 20-day MA, at 1.2233. Retail sales in the EMU are still to be released, at 09:00 GMT.
In regard to yesterday’s failure at 1.2400 and consequent plunge: “The fall will continue and will result in a test of the 1.2040 support level”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a test of 1.1880 if a break of support occurs.
The EUR/USD continues its European session upside, extending the bounce from Thursday’s plunge to 1.2134 low. The pair is already at 1.2218 and approaches the 200-hour moving average, at 1.2223, and the 20-day MA, at 1.2233. Retail sales in the EMU are still to be released, at 09:00 GMT.
In regard to yesterday’s failure at 1.2400 and consequent plunge: “The fall will continue and will result in a test of the 1.2040 support level”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a test of 1.1880 if a break of support occurs.
