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EUR/USD remains capped below 1.1240 ahead of PMIs Dhwani Mehta

08:46 23 May /2016 Forex

The EUR/USD pair is seen moving back and forth in narrow range amid a quiet session, awaiting fresh impetus from a series of services and manufacturing PMI reports to be released from the Euro area.

EUR/USD supported at 5-DMA

Currently, EUR/USD trades +0.07% higher at 1.1231, having found solid support at 5-DMA located at 1.1220. The main currency pair trades directionless in early Europe, maintaining its range trade above 1.12 handle, as the bulls await fresh impetus from the PMI readings, which are expected to show improvement in the German and Euro zone manufacturing sector activities.

The forecast for the Eurozone flash manufacturing PMI shows 51.9 for May, slightly higher than the 51.7 recorded a month ago, and the Eurozone services sector is also expected to show a higher result of 53.3 from the final 53.1 reported in April. While the flash manufacturing PMI for Germany is seen higher at 52.0 compared to the final 51.8 result recorded in April.
While, the index for the services sector is expected to come in at 54.6 in May, against 54.5 seen previously.

Looking towards the American session, we have a data-quiet US calendar to kick-off an eventful week ahead, with only the US flash manufacturing PMI report due on the cards.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1274 (10-DMA). A break beyond the last, doors will open for a test of 1.1300/08 (round number/ 1h 200-SMA). On the flip side, the immediate support is placed at 1.1200 (psychological levels) below which at 1.1182 (100-DMA) could be tested.

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