EUR/USD above 1.3600, PMI eyed

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The single currency is appreciating against the greenback at the beginning of the week, taking the EUR/USD back above the 1.3600 handle.



EUR/USD focus on PMIs



Better-than-expected Chinese PMI gauged by HSBC woke up the risk appetite trends on Monday, lifting the EUR to current session highs in the 1.3610/15 band. Today’s advanced manufacturing and services PMI prints will be the main event in Euroland and the US economy, expected to come in mixed from the previous month.” The pullback in EUR was deeper than expected as it touched a low of 1.3565 before rebounding. The downside risk appears to be limited for today. Allow for a retest of 1.3560/65 but this should lead to a rebound towards 1.3620”, commented Quek Ser Leang, Market Strategist at UOB Group.



EUR/USD key levels



The pair is now up 0.08% en 1.3611 with the next resistance at 1.3644 (high Jun.19) followed by 1.3669 (high Jun.9) and then 1.3677 (high Jun.6). On the flip side, a breakdown of 1.3584 (low Jun.19) would expose 1.3569 (10-d MA) and finally 1.3543 (55-w MA).



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