Search ForexCrunch
  • The pair extends the sideline theme below 1.1800 the figure.
  • The greenback remains on the defensive in sub-95.00 area.
  • EMU, German flash manufacturing PMI came in below estimates.

EUR/USD is struggling for direction at the end of the week and is now looking to consolidate below the 1.1800 handle.

EUR/USD unfazed following PMIs

The sentiment around the shared currency remains unchanged so far on Friday and despite advanced data for manufacturing PMIs in both the euro area and Germany are expected below previous estimates for the current month.

In the meantime, the upbeat momentum around the pair remains bolstered by the persistent offered bias in the greenback, which forced the US Dollar Index (DXY) to drop to fresh 2-month lows below 94.00 the figure.

There are no further data releases in Euroland today, although Brexit headlines remain poised to keep driving the sentiment around the riskier assets in the short-term horizon at least.

Across the pond, Markit’s preliminary manufacturing and services PMIs are only due later in the NA session.

EUR/USD levels to watch

At the moment, the pair is up 0.12% at 1.1791 and a break above 1.1803 (high Jul.9) would target 1.1853 (monthly high Jun.14) en route to 1.1947 (200-day SMA). On the other hand, the next support lines up at 1.1672 (10-day SMA) followed by 1.1653 (21-day SMA) and finally 1.1526 (low Sep. 10).