Euro Is Moving Lower Against U.S. Dollar
EUR/USD is currently trying to settle below the support at 1.1925 while the U.S. dollar is moving higher against a broad basket of currencies.
The U.S. Dollar Index is currently testing the nearest resistance level at 91.80. A move above this level will open the way to the test of the resistance at 92 which will be bearish for EUR/USD.
Today, foreign exchange market traders will have a chance to take a look at flash readings of Euro Area PMI reports. Analysts expect that Manufacturing PMI declined from 63.1 in May to 62.1 in June while Services PMI increased from 55.2 to 57.8.
It should be noted that PMI numbers remain at high levels, so the projected declines should not have a major impact on markets.
EUR/USD is currently trying to settle below the nearest support level at 1.1925. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
If EUR/USD settles below 1.1925, it will head towards the next support level which is located at 1.1900. A successful test of this level will open the way to the test of the next support at 1.1880. In case EUR/USD declines below 1.1880, it will head towards the support at 1.1860.
On the upside, the nearest resistance level for EUR/USD is located at 1.1965. EUR/USD made an attempt to get to the test of this level during yesterday’s trading session but failed to develop sufficient upside momentum and pulled back.
If EUR/USD manages to settle above the resistance at 1.1965, it will head towards the resistance at 1.1990. A move above this level will open the way to the test of the resistance at 1.2020.
For a look at all of today’s economic events, check out our economic calendar.