The price has posted humble gains today, but the pair has erased the morning gains, the perspective remains bearish as the price is located deep in the seller’s territory. The pair could approach the lowest low from 1.0909 level, any rejection from this pair will attract more buyers, the sentiment will change if the rate will stay above this level. We could have some volatility on this pair after the US will release the economic data, the price will be driven by the fundamental factors as the Euro-zone is publishing the Manufacturing and Services data.
The EUR/USD could increase again in the coming hours if the Euro-zone figures will come better, the French Flash Manufacturing PMI has increased from 48.3 to 48.6 points, but the manufacturing sector remains deep in the contraction territory, moreover the French Flash Services PMI has jumped in the expansion area, the economic indicator has increased from 49.9 points to 50.3 points, the services sector has expanded again after one month contraction.
The German Flash Manufacturing PMI has decreased from 54.5 to 53.7 points, has dropped less than was expected by the traders, the estimate was 53.6, while the German Flash Services PMI has surged from 53.7 54.6 points. The Euro-zone will release the Manufacturing and Services data as well, the Flash Manufacturing PMI could decrease from 52.8 to 52.1, moreover the Flash Services PMI could decrease as well from 52.8 points to 52.3 points, a poor data could punish the Euro, actually remains to see how the price will react after the United States will publish the Flash Manufacturing PMI, the economic indicator could increase 51.3 to 51.9 points.