EUR/USD remains bid and approaches 1.1650

EUR/USD stays firm on the back of dollar weakness.
EMU, German flash Manufacturing PMI surprised to the upside,
US advanced Manufacturing PMI disappoints in October.

Pablo Piovano FXStreet

The persevering selling pressure in the greenback helps EUR/USD advancing to the area of daily highs near 1.1650 on Friday.

EUR/USD closes its second straight week with gains

EUR/USD keeps the recovery from last week’s YTD lows well and sound for the time being, advancing for the second week in a row albeit with gains limited around 1.1670.

The improved sentiment in the risk complex weighed on the buck in spite of the recent move higher in US yields, where the front end climbed to levels last traded in March 2020 around 0.48% (October 21) and the 10y reference briefly tested 1.70% for the first time since April.

In the docket, preliminary PMIs in the core euro area (Germany, France and the bloc as a whole) are seen rebounding in October, while the US Manufacturing PMI is expected to ease to 59.2 in the current month (from 60.7) and the Services PMI is predicted to improve to 58.2 (from 54.9).

EUR/USD levels to watch

So far, spot is gaining 0.20% at 1.1645 and faces the next up barrier at 1.1669 (monthly high Oct.19) followed by 1.1709 (55-day SMA) and finally 1.1755 (weekly high Sep.22). On the other hand, a break below 1.1602 (20-day SMA) would target 1.1571 (low Oct.18) en route to 1.1524 (2021 low Oct.12).

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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