EUR/USD testing highs near 1.1620 ahead of PMIs

The pair extends the breakout of the 1.16 handle.
The greenback loses momentum around 94.70.
Advanced PMIs in Euroland next in tap in the docket.

Pablo Piovano FXStreet

The buying interest around the shared currency is now lifting EUR/USD to fresh tops in the 1.1620/25 band on Friday.

EUR/USD looks to PMIs

Spot managed to regain some lasting upside traction so far, advancing for the second session in a row and backed by the renewed offered bias surrounding the greenback.

In fact, diminishing tensions on the US-China trade front appear to have removed some tailwinds from the recent up move in the buck, allowing spot to prolong the rebound from yesterday’s lows in the boundaries of 1.1500 the figure.

Looking ahead, advanced PMI figures for the current month are next on tap in Euroland, while flash Manufacturing/Services PMI is also due across the pond.

EUR/USD levels to watch

At the moment, the pair is gaining 0.21% at 1.1627 facing the next hurdle at 1.1644 (high Jun.19) seconded by 1.1651 (21-day sma) and finally 1.1671 (10-day sma). On the downside, a breakdown of 1.1509 (low Jun.21) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).

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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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