FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that capped by a daily high of 1.3612, the EUR/USD trades lower in range after local Services and Manufacturing PMI data.
"France as usual lead the disappointment printing both readings below 50, the line that divides growth from contraction."
"German and EU ones came out below expected and most of them also below previous month readings, pushing the pair to a fresh daily low of 1.3578 where it stands."
"The 4 hours chart shows however no directional bias, as price remains within familiar ranges."
"There is a short term ascendant trend line coming from 1.3502 low offering immediate support now at 1.3570, but indicators stand in neutral territory with a mild bearish slope, while price continues to struggle with 20 and 100 SMAs, both converging a few pips above current price."
"A break below the line may see price falling down to the 1.3530/40 price zone, but it takes a clear downward acceleration through 1.3510 to confirm some bearish momentum, eyeing then 1.3475."
"Steady gains above the daily high on the other hand, may see price advancing up to 1.3640/50 area, albeit further gains are not seen at the time being."