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21 Aug 2015
EUR/USD finds support near 1.1240
FXStreet (Edinburgh) - After bottoming out near 1.1240, EUR/USD has now resumed its upside and regained the 1.1260 area.
EUR/USD hurt by mixed PMIs
The pair’s upside momentum remains intact at the end of the week, trading in levels last seen in late June near 1.1300 the figure, despite the poor manufacturing PMI in the Chinese economy released overnight and the mixed results seen in Euroland.
EUR remains well supported by the recent unwinding of EUR/EM crosses and shrinking expectations of a Fed’s rate hike in September, all amidst the recent FOMC minutes, a persistent sell-off in the EM space and increasing jitters on the health of the Chinese economy.
EUR/USD key levels
At the moment the pair is gaining 0.11% en 1.1254 with the next resistance at 1.1296 (high Aug.21) ahead of 1.1335 (high Jun.8) and finally 1.1371 (high Jun.17). On the flip side, a breach of 1.1107 (low Aug.20) would open the door to 1.1017 (low Aug.19) and then 1.0960 (low Aug.11).
EUR/USD hurt by mixed PMIs
The pair’s upside momentum remains intact at the end of the week, trading in levels last seen in late June near 1.1300 the figure, despite the poor manufacturing PMI in the Chinese economy released overnight and the mixed results seen in Euroland.
EUR remains well supported by the recent unwinding of EUR/EM crosses and shrinking expectations of a Fed’s rate hike in September, all amidst the recent FOMC minutes, a persistent sell-off in the EM space and increasing jitters on the health of the Chinese economy.
EUR/USD key levels
At the moment the pair is gaining 0.11% en 1.1254 with the next resistance at 1.1296 (high Aug.21) ahead of 1.1335 (high Jun.8) and finally 1.1371 (high Jun.17). On the flip side, a breach of 1.1107 (low Aug.20) would open the door to 1.1017 (low Aug.19) and then 1.0960 (low Aug.11).