24 Jul 2015
EUR/USD drops to lows near 1.0950
FXStreet (Edinburgh) - The common currency is now intensifying its daily decline, dragging EUR/USD to intraday lows in the mid-1.0900s.
EUR/USD weaker on softer PMIs
The pair has seen its downside renewed after French and German flash PMIs for the current month have disappointed investors with prints below expectations. After reaching multi-day tops near 1.1020 on Thursday, spot is now fading that spike as the selling pressure is gathering pace.
Next of relevance will be EMU’s flash PMIs, followed by New Home Sales and Markit’s flash manufacturing PMI in the US economy.
EUR/USD levels to watch
At the moment the pair is losing 0.37% at 1.0944 and a breakdown of 1.0892 (low Jul.22) would aim for 1.0812 (low Jul.21) and then 1.0789 (low Apr.25). On the flip side, the initial up barrier lines up at 1.1019 (high Jul.23) ahead of 1.1036 (high Jul.15) and finally 1.1086 (high Jul.14).
EUR/USD weaker on softer PMIs
The pair has seen its downside renewed after French and German flash PMIs for the current month have disappointed investors with prints below expectations. After reaching multi-day tops near 1.1020 on Thursday, spot is now fading that spike as the selling pressure is gathering pace.
Next of relevance will be EMU’s flash PMIs, followed by New Home Sales and Markit’s flash manufacturing PMI in the US economy.
EUR/USD levels to watch
At the moment the pair is losing 0.37% at 1.0944 and a breakdown of 1.0892 (low Jul.22) would aim for 1.0812 (low Jul.21) and then 1.0789 (low Apr.25). On the flip side, the initial up barrier lines up at 1.1019 (high Jul.23) ahead of 1.1036 (high Jul.15) and finally 1.1086 (high Jul.14).