Having failed to resist above 1.12 handle in the Asian session, the EUR/USD pair continues to waver in a tight range near the last, as markets eagerly await fresh macro updates from the Eurozone after a fairly quiet EUR calendar this week.
EUR/USD awaits EZ PMI
Currently, EUR/USD trades -0.07% lower at 1.1198, hovering within a striking distance of session lows struck at 1.1194 in the last hour. The main currency pair extends its corrective slide from the previous session and now looks vulnerable amid broad based US dollar recovery.
Further, markets expect the Eurozone flash services and manufacturing PMI reports to come in weaker, and hence, the euro remains under pressure heading into early Europe. The US calendar holds no macro releases and therefore, the Fed speaks and US GDP data due next week remain on top of the investors’ mind.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance 1.1256 (Sept 16 high). A break beyond the last, doors will open for a test of 1.1286 (Sept 15 high) and from there to 1.1300 (round figure). On the flip side, the immediate support is placed at 1.1145 (static support) below which 1.1119 (Sept 21 low) and 1.1095 (daily S3) could be tested.
- R3 1.1324
- R2 1.1291
- R1 1.1250
- PP 1.1217
- S1 1.1175
- S2 1.1142
- S3 1.1101
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