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21 May 2015
EUR/USD back above 1.11
FXStreet (Mumbai) - The EUR/USD currently trades at 1.1121, after the currency pair ran into fresh bids at the daily low of 1.1078 levels.
EUR strengthens ahead of German PMI
The shared currency recovered losses to trade in the positive territory ahead of the German PMI data, which is expected to show private sector activity stayed in the expansive territory (above 50.00) with no significant monthly changes. Meanwhile, the EUR ignored the a weaker-than-expected French services PMI at 51.6 and a slight uptick in the manufacturing PMI to 49.3.
The German PMI would be followed by a similar report on the aggregate Eurozone private sector activity.
EUR/USD Technical Levels
The pair now trades at 1.1124, with immediate resistance at 1.1178, above which gains could be extended to 1.1227. On the flip side, a break below 1.11, could see the pair re-test 1.1060-1.1050.
EUR strengthens ahead of German PMI
The shared currency recovered losses to trade in the positive territory ahead of the German PMI data, which is expected to show private sector activity stayed in the expansive territory (above 50.00) with no significant monthly changes. Meanwhile, the EUR ignored the a weaker-than-expected French services PMI at 51.6 and a slight uptick in the manufacturing PMI to 49.3.
The German PMI would be followed by a similar report on the aggregate Eurozone private sector activity.
EUR/USD Technical Levels
The pair now trades at 1.1124, with immediate resistance at 1.1178, above which gains could be extended to 1.1227. On the flip side, a break below 1.11, could see the pair re-test 1.1060-1.1050.