FXStreet (Edinburgh) - After hitting session lows around 1.3570, the EUR/USD has managed to gather traction and is currently assaulting the 1.3600 key barrier.
EUR/USD weaker post-PMIs
Less auspicious data from manufacturing and services PMIs in Euroland plotted against the better sentiment surrounding the EUR during the Asian trading hours, dragging spot to the lower band of the range around 1.3575/70. “The further weakening of the PMI vindicates the ECB’s recent decision to implement further monetary easing and will keep fears of a Japanification of Europe firmly alive”, noted Martin van Vliet, Analyst at ING Bank. Next of note in the US calendar will be the flash manufacturing PMI sponsored by Markit, followed by Existing Home Sales.
EUR/USD key levels
The pair is now losing 0.05% en 1.3595 and a breakdown of 1.3584 (low Jun.19) would expose 1.3569 (10-d MA) and finally 1.3543 (55-w MA). On the flipside, the initial hurdle aligns at 1.3644 (high Jun.19) followed by 1.3669 (high Jun.9) and then 1.3677 (high Jun.6).