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EUR/USD testing highs post-European open

FXStreet (Mumbai) - The single currency has managed to recover from session lows around 1.1110 vs. the greenback, with EUR/USD now testing daily peaks in the vicinity of 1.1150.

EUR/USD attention to PMIs, Draghi

The pair has regained the initial upside momentum after briefly testing lows near the critical support at 1.1100. The bias towards the risk aversion has bolstered the bid tone in EUR during the Asian trading hours following the poor result from the Chinese Caixin manufacturing PMI for the current month (47.0 act. vs. 47.5 exp.).

In the meantime, the pair’s upside will be put to the test in light of the flash manufacturing/services PMIs in Euroland to be released later, all preceding Draghi’s speech.

EUR/USD key levels

The pair is up 0.27% at 1.1150 and a breakout of 1.1207 (high Sep.22) would aim for 1.1330 (high Sep.21) and finally 1.1373 (high Sep.14). On the other hand, the next support aligns at 1.1105 (low Sep.23) followed by 1.1089 (low Sep.4) and finally 1.1017 (low Aug.19).

Market focus on global PMI’s and Draghi – Danske Bank

Research Team at Danske Bank, suggest that today focus will be on global PMIs and Draghi’s quarterly hearing in Brussels.
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Germany Markit Manufacturing PMI below expectations (52.8) in September: Actual (52.5)

Germany Markit Manufacturing PMI below expectations (52.8) in September: Actual (52.5)
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