EUR/USD drops to fresh lows near 1.1560 ahead of PMIs

The pair tumbles to lows in the 1.1560 region.
The greenback rebounds to the 95.50/55 band.
Final Services PMIs in Euroland next of relevance.

Pablo Piovano FXStreet

After bottoming out in the 1.1530 region on Tuesday, EUR/USD managed to regains some buying interest to levels above 1.1600 the figure, although sellers are now in command early in the European session.

EUR/USD looks to data, trade talks

The pair recovered some ground earlier today, although EUR-bulls seem to be facing a strong resistance around 1.1600 and above for the time being.

Renewed concerns on the US-China trade front have lent extra legs to the buck during the first half of the week and forced the pair to recede further after hitting peaks above 1.1700 the figure during last week.

In the same direction, the persistent outflows from the EM FX space into the greenback should keep occasional rallies in spot somewhat limited.

Data wise today, final Services PMIs are due in Euroland, while trade July’s trade balance figures will be the sole publication across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.16% at 1.1563 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the flip side, the next hurdle aligns at 1.1631 (10-day SMA) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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