EUR/USD gathers itself for another push from 1.16 ahead of EU PMIs

The Euro is shifting toward's the week's highs as the Dollar takes a breather.
Eurozone PMIs for Friday will be the day's mid-tier data event, coming in early for a morning showing.

Joshua Gibson FXStreet

The EUR/USD is trading close to Thursday's close heading into Friday's European market session, which brings a dose of mid-tier PMI figures due early to kick off the week's end.

The Euro managed to reverse the early week's losses against the US Dollar, lifting back toward's Tuesday's highs near 1.1645. The Greenback walked back on Thursday as Treasury yields declined for the trading day, taking the USD to the downside alongside them.

Friday sees Markit PMIs for the Eurozone, starting off with France at 07:00 GMT, with the Markit Composite PMI expected to come in at 54.2, in line with the previous figure. The important measures for the day will be German and EU-wide PMIs, with the German Markit Composite PMI at 07:30 GMT (forecast 53.4, previous 53.4), while the EU's PMI Composite will drop at 08:00 GMT, expected to tick downwards slightly, forecast to come in at 53.9 versus the previous reading of 54.1.

Next week will be bringing the next round of Consumer Price Index (CPI) figures for the European Union, and Euro traders will be looking forward to the reading, which last printed at 1.9% in April.

EUR/USD levels to watch

Further downside is still very much a real risk for the Euro, and as FXStreet Chief Analyst Valeria Bednarik noted, "technically, the pair is not yet out of the woods despite the latest recovery to the current 1.1600 region, but the fact that it bounced strongly from the yearly low may suggest that the upward corrective movement could continue, exacerbated by profit-taking ahead of the weekend. In the 4 hour chart, the pair settled above a horizontal 20 SMA, some 20 pips above the indicator for the first time in almost two weeks. Technical indicators in the mentioned chart have entered positive territory, maintaining their upward momentum, with the RSI partially losing its upward strength but at around 55, indicating persistent buying interest. The weekly high at 1.1644 is the key resistance level to surpass to favor an upward continuation during the upcoming session up to 1.1720, a Fibonacci resistance."

Support levels: 1.1550 1.1510 1.1460

Resistance levels: 1.1645 1.1680 1.1720

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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