FXStreet (Mumbai) – The EUR/USD pair is struggling to extend gains over and above 1.1270 amid a rise in the Euro Stoxx index and a rise in the German bond yields.
Focus on German PMI
The investors await the preliminary German PMI manufacturing (exp 51.3) and services index (exp 53.00). As light improvement in the manufacturing activity is expected. The uptick in the French PMI failed to lift the spot above 1.1270. The German PMIs would be followed by the release of the aggregate PMI readings for the Eurozone.
The pair dipped to a low of 1.1252, after a minor recovery stalled at a high of 1.1278. Moreover, the optimism regarding Greek deal faded in the Asian session and the investors now wait for more definite news regarding Greece deal.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1288, above which the pair could target 1.1337 (hourly 100-MA). On the flip side, a break below 1.1250 could push the pair down to 1.12 levels.
(Market News Provided by FXstreet)