FXStreet (Edinburgh) – The common currency is holding on to its marginal gains on Friday, with EUR/USD trading in the vicinity of 1.1100 the figure.
EUR/USD indifferent post-PMIs
The pair is extending today’s sideline pattern in the low-1.1100s and paying little attention to the preliminary prints of the services and manufacturing PMIs in the euro area for the current month. The results were mixed, with Germany posting a lower-than-expected manufacturing PMI, in contrast with the improvements seen in France and EMU.
Spot remains in the lower bound of the recent range following the abrupt drop led by the increased dovish stance by the European Central Bank, which could implement further easing measures in the near term.
EUR/USD relevant levels
As of writing the pair is up 0.03% at 1.1111 and a breakdown of 1.1063 (6-month uptrend) would expose 1.1021 (23.6% Fibo of 1.0808-1.1713) and finally 1.1000 (psychological level). On the flip side, the next hurdle lines up at 1.1153 (61.8% Fibo of 1.0808-1.1713) followed by 1.1177 (100-day sma) and then 1.1200 (psychological handle).
(Market News Provided by FXstreet)