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21 May 2015
EUR/USD deflates from 1.1143 post German data
FXStreet (Mumbai) - The shared currency trimmed gains and eased off session against the American dollar in the European morning, sending EUR/USD closer towards 1.11 handle. The major quickly gave up upbeat French manufacturing PMI backed gains after the German manufacturing sector saw production remain in expansion in May, albeit with a worse reading.
EUR/USD drops from session highs near 1.1140
The EUR/USD pair trades 0.14% at 1.1107, retreating from 1.1143 fresh session highs post data release. EUR/USD quickly retraced about 20 pips from session highs after downbeat German PMI readings with the manufacturing sector activity deteriorating while services sector also printed a poor reading in May.
May's preliminary PMI for Germany's manufacturing sector came in at 51.4, down from April's final reading of 52.1, and short of expectations of 52. Meanwhile, activity in the country's service sector worsened in the reported month, the flash data revealed. The preliminary services PMI came in at 52.9 points, below April's 54.0 points and failing to meet the forecast of 53.9.
Meanwhile, traders now shift their focus towards EMU services and manufacturing PMI reading due out shortly followed by ECB meeting accounts. While markets also keep a watchful eyes on Greece headline ahead of the EU summit commencing later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1152 (May 20 High) levels, above which gains could be extended to 1.1200 levels. On the flip side, support is seen at 1.1081 (Today’s Low) below which it could extend losses to 1.1063 (May 20 Low) levels.
EUR/USD drops from session highs near 1.1140
The EUR/USD pair trades 0.14% at 1.1107, retreating from 1.1143 fresh session highs post data release. EUR/USD quickly retraced about 20 pips from session highs after downbeat German PMI readings with the manufacturing sector activity deteriorating while services sector also printed a poor reading in May.
May's preliminary PMI for Germany's manufacturing sector came in at 51.4, down from April's final reading of 52.1, and short of expectations of 52. Meanwhile, activity in the country's service sector worsened in the reported month, the flash data revealed. The preliminary services PMI came in at 52.9 points, below April's 54.0 points and failing to meet the forecast of 53.9.
Meanwhile, traders now shift their focus towards EMU services and manufacturing PMI reading due out shortly followed by ECB meeting accounts. While markets also keep a watchful eyes on Greece headline ahead of the EU summit commencing later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1152 (May 20 High) levels, above which gains could be extended to 1.1200 levels. On the flip side, support is seen at 1.1081 (Today’s Low) below which it could extend losses to 1.1063 (May 20 Low) levels.