FxWirePro- EURUSD trade weak despite upbeat German PMI, good to sell on rallies
Ichimoku analysis (1-Hour chart)
EURUSD is trading weak despite strong German PMIs. The services PMI came at 62.2 in Jul, the highest level since 1997. The dovish comment from ECB President is also putting pressure on Euro. Markets eye flash US services and manufacturing data for further direction. The pair hits an intraday low of 1.17544 and is currently trading around 1.17611.
On the higher side, near-term resistance is around 1.1835 and any convincing breach above will take to the next level 1.1880/1.19070/1.19655/1.200. The pair's near-term support is at 1.1750, break below targets 1.1700/1.1660.
Indicator (1-hour chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.1788-90 with SL around 1.1835 for the TP of 1.1700.