EUR/USD Under Pressure Ahead Of EU PMI Data
FxGrow | May 23, 2016 04:54AM ET
The EUR/USD remains flat at 1.1220 ahead of PMI data today. The euro was dipping lower on stronger dollar after rising concerns over Fed rate hike in June especially as policy makers claimed that June rate hike is a live and real possibility. Breaking the strong support 1.1196 will pave the way to touch 1.1170 and 1.1130 respectively.
However, better than expected PMI data will give support to the euro as it will create responses to the ECB views and might change their dovish posture, and breaking 1.1255 will trigger an upward movement toward next resistance levels 1.1294- 1.1315.
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