FXStreet (Edinburgh) - The single currency is now transiting the 1.3520 area vs. the greenback, with the EUR/USD deflating from previous highs around 1.3550.

EUR/USD focus on PMIs, IFO

The first half of the week will be almost irrelevant data –wise in the euro area, with investors turning their attention to the second half where advanced manufacturing and services PMI prints (Thursday) and the German IFO (Friday) are both due. “In line with expectations, EUR moved below 1.3500. However, the subsequent rebound from the low of 1.3492 suggests limited downside risk for today. The current recovery could extend towards 1.3550 but this is likely part of a 1.3500/1.3550 consolidation range instead of the start of a fresh up-move”, signalled Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD levels to watch

At the moment the pair is up 0.01% at 1.3526 and a break above 1.3540 (high Jul.17) would target 1.3572 (high Jul.16) en route to 1.3595 (30-d MA). On the flip side, the initial support aligns at 1.3512 (low Jul.12) ahead of 1.3503 (low Jun.5) and then 1.3482 (low Feb.6).

You May Also Like

Related Forex Analysis
  1. Forex News

    Euro Staying Afloat amid Short Position, Carry Trade Unwind

  2. Investing

    EUR/USD: August 2015 Forecast

  3. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  4. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  5. Forex News

    Strategy Video: Am I Over or Under Trading, And How Do I Correct It?

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!