EUR/USD looks vulnerable below 1.1200, PMIs eyed

The EUR/USD pair extends its side-trend into Europe, unable to break above 100-DMA barrier, while the downside seems opening up on a breach of 1.12 support.

EUR/USD awaits services PMI, retail sales data

Currently, EUR/USD trades -0.17% lower at fresh session lows of 1.1204, testing key support placed at 1.1200. The main currency pair ended its upside consolidative phase and now breaks lower amid renewed offers, as the greenback’s recovery against six major peers picks-up significant momentum over the last.

Further, the major remains under pressure this session as markets expect the final services PMI readings from the Euro area to disappoint, while the region’s retail volumes data may show no growth in the reported month.

Moreover, the traders look to unwind their USD shorts heading into the crucial US ADP jobs report, a precursor to Friday’s payrolls data, which will be published later in the NA session.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1226 (100-DMA). A break beyond the last, doors will open for a test of 1.1250 (psychological levels). On the flip side, the immediate support is placed at 1.1188 (5-DMA) below which 1.1144 (50-DMA) could be tested.