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21 Aug 2015
EUR/USD retreats to 1.1250 on PMIs
FXStreet (Edinburgh) - The single currency is now losing part of its shine on Friday, dragging EUR/USD to the mid-1.1200s following the German PMI.
EUR/USD capped around 1.1300
After hitting fresh multi-week tops in the boundaries of 1.1300 the figure overnight, the pair has surrendered part of those gains and has returned to the 1.1250/45 area in response to the mixed preliminary PMIs from France and Germany.
Spot continues to derive support from diminishing market expectations of a Fed’s lift-off in September - now with December as the most likely candidate - following the dovish tone from the FOMC minutes on Wednesday.
On the Greek front, market participants perceive Tsipras stepping down as EUR-supportive as well, as that could facilitate the negotiations with the international creditors.
EUR/USD key levels
At the moment the pair is gaining 0.13% en 1.1256 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 capped around 1.1300
After hitting fresh multi-week tops in the boundaries of 1.1300 the figure overnight, the pair has surrendered part of those gains and has returned to the 1.1250/45 area in response to the mixed preliminary PMIs from France and Germany.
Spot continues to derive support from diminishing market expectations of a Fed’s lift-off in September - now with December as the most likely candidate - following the dovish tone from the FOMC minutes on Wednesday.
On the Greek front, market participants perceive Tsipras stepping down as EUR-supportive as well, as that could facilitate the negotiations with the international creditors.
EUR/USD key levels
At the moment the pair is gaining 0.13% en 1.1256 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).