EUR/USD revisits daily lows ahead of EZ PMIs

Dhwani Mehta FXStreet

The EUR/USD pair is seen consolidating near over six-week peaks, with upside capped near 1.0770 region, as the greenback recovers ground somewhat versus its main competitors.

EUR/USD awaits PMIs, Brexit Supreme Court decision

Currently, the spot now drops -0.15% to 1.0750, reverting towards daily lows of 1.0745. The euro remains on the back foot, despite persisting risk-off market profile, on resurgent USD buying as dust settles over comments from the US Treasury Secretary nominee Mnuchin, noting that an” Excessively strong" USD may be negative in the short term.

Moreover, increased nervousness heading into the UK Supreme Court’s decision on Brexit, also fails to offers some support the funding currency euro, exposing the downside in EUR/USD towards 1.07 handle, as we now progress towards the Euro area flash manufacturing PMI reports due later in the European session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0772 (multi-week high). A break beyond the last, doors will open for a test of 1.0800 (zero figure) and from there to 1.0831 (daily R2). On the flip side, the immediate support is placed at 1.0719 (5-DMA) below which 1.0681 (10-DMA) and 1.0608 (20-DMA) could be tested.

Sell 50%

Buy 50%

Avg Sell Price 1.0633

Avg Buy Price 1.0593

Liquidity Distribution

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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