030720 EURUSD

On Friday, the final readings of euro zone PMI services and composite index for June are expected. In first estimation, the PMI services index had been released at 47.3 vs 30.5 in May while the PMI composite also bounced, to 47.5 from 31.9. 

From a technical point of view, on a daily chart, the EUR/USD is close to escape from a flag pattern. The pair trades above its rising 50-day moving average (in blue) while the daily RSI is well oriented within its buying area. Readers may therefore consider the potential for further advance above 1.1100. The nearest resistance would be set at 1.1375 (June high) and a second one would be set at 1.1495 (March high) in extension.

Source : TradingVIEW, Gain Capital

Related tags: Forex Forex EUR USD

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