Key Highlights
Euro enjoyed decent gains against the US Dollar recently until it found sellers around 1.1110.
Euro Area Manufacturing Purchasing Managers Index (PMI) will be released by the Markit Economics, which is expected to come in around 52.0 for July 2015.
Chinese official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP) came in at 53.9, up from the last reading of 53.8.
Australian AIG performance of the Mfg Index released by the Australian Industry Group posted a nasty increase from 44.2 to 50.4.
EURUSD Technical Analysis
The EURUSD pair recently spiked higher to trade near 1.1110 resistance zone where it found sellers, which ignited a downside reaction. The selling interest was very strong, as sellers managed to clear the 100 and 200 hourly simple moving average. However, there was a support formed around the 76.4% Fib retracement level of the last leg from the 1.0920 low to 1.1113 high.
Moreover, there is also a bullish trend line on the hourly chart, which is acting as a hurdle for sellers but we cannot discard the fact that there is a lot of bearish pressure on the pair. So, if the pair stays below the 100 hourly SMA more losses are likely. A break below the highlighted trend line could take the pair towards the last swing low of 1.0920.
On the upside, if the pair moves above both the key SMA’s, then it might call for a chance of trend. A major barrier is around the 1.1060-80 resistance area, followed by the last swing high of 1.1110.
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