EUR/USD keeps range around 1.1170 on PMIs

The EUR/USD pair keeps its range-trade intact and continues to waver in the upper bound of 1.11 handle, largely unperturbed by the release of Eurozone and German manufacturing PMI reports.

EUR/USD off-lows, but capped by 1.1200

Currently, EUR/USD trades almost unchanged at 1.1170, retreating slightly from session lows reached at 1.1161 last hour. The European currency failed to benefit from a slew of better-than expectation manufacturing PMI reports from across the Euro area economies, and kept the familiar range against its American counterpart.  

The German manufacturing PMI registered 53.8 in July, as compared to the forecast of 53.7. While the 19-nation bloc’s PMI report stood at 52 points, slightly better than estimates of 51.9.

Moreover, risk-on rally seen in the European equities also keeps a check on the upside in the funding currency EUR. Meanwhile, markets now look forward to the US manufacturing PMI readings due to be reported by Markit as well as ISM in the NA session, for further momentum on the major.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1200 (psychological levels). A break beyond the last, doors will open for a test of 1.1229 (100-DMA). On the flip side, the immediate support is placed at 1.1150/31 (50 & 5-DMA) below which 1.1102 (200-DMA) could be tested.