- Spot reclaims the 1.1700 barrier following mixed PMIs.
- The greenback eases from tops and returns to 94.70.
- US flash Manufacturing/Services PMIs next on tap.
EUR/USD is now trading on a better mood around 1.1700 the figure in the wake of mixed readings from advanced PMIs in the euro bloc for the month of July.
EUR/USD trims losses on PMIs
Following a test of the mid-1.1600s earlier in the session, the pair managed to reclaim the 1.1700 hurdle and above following the publication of mixed flash PMIs in the core euro bloc.
In fact, French, German and EMU’s manufacturing PMIs are expected to come in on the strong side this month, while preliminary readings from the Services sector are seen below initial estimates.
In the meantime, the pair remains sidelined amidst an erratic performance in the buck, as market participants keep looking to trade (US-China) and geopolitics (US-Iran) today as main drivers of the price action.
Later in the NA session, Markit will publish its flash gauges of the manufacturing/services PMIs.
EUR/USD levels to watch
At the moment, the pair is losing 0.04% at 1.1687 and a breakdown of 1.1575 (low Jul.19) would open the door to 1.1527 (low Jun.28) and then 1.1508 (2018 low May 30). On the flip side, the next hurdle at 1.1749 (high Jul.23) followed by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).
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