Overall, EUR/USD is trending downwards. Recently, EUR/USD has been ranging across within a 50pips range.
A series of PMI data will be released tomorrow afternoon.
French PMI data release at 1515 (SGT)
Note that all three Flash Manufacturing PMIs are below 50.0, signifying a contraction in the manufacturing industry.
If the released data are worse than or as forecasted, the Euro may weaken.
Besides, the ECB will be releasing their monetary policy meeting minutes for the July meeting at 1930 (SGT). It will be helpful to look into the minutes for any mentioning of possible easing in the monetary policy.
Currently, EUR/USD is testing the key level of 1.11000. Its next support level is at 1.10400 and the next resistance level is at 1.12400.
A series of PMI data will be released tomorrow afternoon.
French PMI data release at 1515 (SGT)
- Flash Services PMI (Forecast: 52.5, Previous: 52.6 revised from 52.2)
- Flash Manufacturing PMI (Forecast: 49.5, Previous: 49.7 revised from 50.0)
- Flash Services PMI (Forecast: 54.1, Previous: 54.5 revised from 55.4)
- Flash Manufacturing PMI (Forecast: 43.1, Previous: 43.2 revised from 43.1)
- Flash Services PMI (Forecast: 53.0, Previous: 53.2 revised from 53.3)
- Flash Manufacturing PMI (Forecast: 46.3, Previous: 46.5 revised from 46.4)
Note that all three Flash Manufacturing PMIs are below 50.0, signifying a contraction in the manufacturing industry.
If the released data are worse than or as forecasted, the Euro may weaken.
Besides, the ECB will be releasing their monetary policy meeting minutes for the July meeting at 1930 (SGT). It will be helpful to look into the minutes for any mentioning of possible easing in the monetary policy.
Currently, EUR/USD is testing the key level of 1.11000. Its next support level is at 1.10400 and the next resistance level is at 1.12400.