5 Aug 2015
EUR/USD: Bulls unimpressed by German data, muted near 1.0860
FXStreet (Mumbai) - The offered tone around the EUR/USD pair remains intact in the European morning, following the release of German services PMI report which showed that activity in the German services sector maintained its pace of expansion in July, ticking slightly higher than the preliminary figure.
EUR/USD stuck in range below 1.09 handle
The EUR/USD pair trades -0.18% lower at 1.0861, keeping range post German data release. The European currency remained in red versus the US dollar, showing little reaction to an upbeat German services sector data released for July.
The German services PMI hit 53.8 points in the seventh month of the year, after the same reading booked in June. The preliminary figure came in at 53.7 points.
Markets also digest a set of mixed services PMIs released across the Euro area economies with Italian and French services sector activity taking a breather in July.
Adding to the weakness in EUR/USD, the recent Fed Lockhart’s hawkish comments brought back divergent monetary policy outlooks between the US and the Europe in focus, weighing on the single currency.
Meanwhile, markets now turn their attention towards US macro updates due later in the New York session for further momentum on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0885 (Today’s High) levels, above which gains could be extended to 1.0908 (July 17 High) levels. On the flip side, support is seen at 1.0810 (July 21 Low) below which it could extend losses to 1.0712 (March levels).
EUR/USD stuck in range below 1.09 handle
The EUR/USD pair trades -0.18% lower at 1.0861, keeping range post German data release. The European currency remained in red versus the US dollar, showing little reaction to an upbeat German services sector data released for July.
The German services PMI hit 53.8 points in the seventh month of the year, after the same reading booked in June. The preliminary figure came in at 53.7 points.
Markets also digest a set of mixed services PMIs released across the Euro area economies with Italian and French services sector activity taking a breather in July.
Adding to the weakness in EUR/USD, the recent Fed Lockhart’s hawkish comments brought back divergent monetary policy outlooks between the US and the Europe in focus, weighing on the single currency.
Meanwhile, markets now turn their attention towards US macro updates due later in the New York session for further momentum on the major.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0885 (Today’s High) levels, above which gains could be extended to 1.0908 (July 17 High) levels. On the flip side, support is seen at 1.0810 (July 21 Low) below which it could extend losses to 1.0712 (March levels).