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EURUSD at Daily High After Germany Services PMI Beat Forecasts

Forex Focus

EURUSD turns higher snapping two days losing streak after Germany Services PMI came in at 51.6 beating expectations of 51.2 in October, the Composite PMI  came in at 48.96 also above forecasts of 48.6 in October. The France Services PMI came in at 52.9 in line with forecasts the PMI Composite registered at 52.6 in October. Spain Services PMI me in below forecasts while Italy services PMI came in above forecasts.

Yesterday the US ISM Non-Manufacturing PMI registered at 54.7 topping expectations of 53.5 in October; JOLTS Job Openings came in at 7.024M below expectations of 7.028M in September. The US Services PMI came in at 50.6, below forecasts of 51 in October while the Composite PMI came in at 50.9, below forecasts of 51.2. The United States Trade Balance came in at $-52.5B in line with forecasts for September. The Redbook Index (month over month) jumped to 0.3% in November 1st from previous 0% while the yearly reading came in at 5.5% vs 4.5%.

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EURUSD Technical Levels to Watch

EURUSD trades close to daily high but below the critical 100-day moving average which pierced yesterday during the US session. On the technical side the momentum now is neutral as the pair trades between the 50 and 100-day moving averages. The rebound from two-year lows at 1.0878 stalled at 1.1172 amid support that risky assets found on better news from US-China trade tensions and Brexit.

On the downside, immediate support stands at 1.1066 daily lows, a break below might attract more sellers to join the action that may drive the price down to 1.1038 the 50-day moving average. On the upside, immediate resistance stands at 1.1092 today’s high, a break above can lead prices up to 1.1119 the 100-day moving average below an attempt for the 1.1179 monthly high.More content