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3 Aug 2015
EUR/USD: Bulls unimpressed by PMI, Eyes US data
FXStreet (Mumbai) - The resilience in the Eurozone manufacturing activity despite Greek slump has failed to impress EUR/USD bulls, restricting it around 1.0964 (50% Fib of Mar-May rally).
Focus on US data
The Eurozone manufacturing PMI remained in the expansive territory and held near 14-month high seen in June. Still, the pair may not have responded positively owing to the flattening of the treasury yield curve (2-year yield up, while 10-yr and 30-yr yield down), which indicates firming up of rate hike expectations.
The EUR traders now await the US data, which is likely to show the personal spending in June slowed down to 0.2% from 0.9% in June. Core personal consumption expenditure (pce) is seen unchanged at 1.2%, which will be followed by the ISM manufacturing print in July (expected 53.5).
EUR/USD Technical Levels
The spot currently trades around 1.0970. The immediate support is seen at 1.0964 (50% of Mar-May rally), followed by another support at 1.0893 (July 30 low). On the flip side, resistance is seen at 1.1023 (100-MA) and 1.1083 (38.2% of Mar-May rally).
Focus on US data
The Eurozone manufacturing PMI remained in the expansive territory and held near 14-month high seen in June. Still, the pair may not have responded positively owing to the flattening of the treasury yield curve (2-year yield up, while 10-yr and 30-yr yield down), which indicates firming up of rate hike expectations.
The EUR traders now await the US data, which is likely to show the personal spending in June slowed down to 0.2% from 0.9% in June. Core personal consumption expenditure (pce) is seen unchanged at 1.2%, which will be followed by the ISM manufacturing print in July (expected 53.5).
EUR/USD Technical Levels
The spot currently trades around 1.0970. The immediate support is seen at 1.0964 (50% of Mar-May rally), followed by another support at 1.0893 (July 30 low). On the flip side, resistance is seen at 1.1023 (100-MA) and 1.1083 (38.2% of Mar-May rally).