EUR/USD eases from daily highs, back around 1.1640

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  • The pair moves higher to test 1.1680 earlier in the day.
  • The greenback appears to have found contention at 94.40.
  • EMU’s flash PMI surprised to the upside in June.

After climbing to the 1.1680 region, EUR/USD appears to have met some sellers and is now returning to the 1.1645/40 band.

EUR/USD higher on USD-selling, data

The pair has climbed to fresh multi-day peaks to the boundaries of the 1.1680 region earlier in the session, a critical resistance area reinforced by the 10-day and 21-day sma.

The renewed and persistent selling bias around the greenback forced the US Dollar Index (DXY) to retreat from new 11-month highs just above 95.00 the figure on Thursday to today’s lows in the 94.40 zone.

Still in Euroland, advanced manufacturing and services PMIs in the euro bloc surprised to the upside for the month of June, also lending extra oxygen to the almost-2-cent recovery in spot.

Later in the session and in the US docket, Markit will publish its advanced manufacturing and services gauge for the month of June.

EUR/USD levels to watch

At the moment, the pair is gaining 0.31% at 1.1639 facing the next hurdle at 1.1675 (high Jun.22) seconded by 1.1722 (23.6% Fibo of the April-May drop) and finally 1.1853 (high Jun.14). On the downside, a breakdown of 1.1509 (low Jun.21) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).

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