During Thursday morning, the EUR/USD currency pair failed to surpass the psychological level at 1.1150.
Given that the pair is pressured by he 55- and 100-hour moving averages, it is likely that some downside potential could prevail.French Flash Services PMI and German Flash Manufacturing PMI
The European Common Currency appreciated against the US Dollar, following the French Flash Services PMI survey results release on Thursday at 07:15 GMT. The EUR/USD exchange currency rate gained 16 pips or 0.15% right after the release. The Euro continued trading at the 1.1155 level against the Greenback.
Markit released the French Flash Services PMI survey results, which came out better-than-expected 52.9 compared to the forecast of 51.6.
Also, note that the German Flash Manufacturing and Services PMIs survey results were released at 7:30 GMT. The German Flash Manufacturing PMI data came out in line with the expectations of 41.9, and the German Flash Services PMI came out worse-than-expected of 51.2 compared with the forecast of 52.0. As the result, the Euro depreciated 12 pips or 0.11% against the Greenback.
Economic Calendar Analysis
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair tried to surpass the resistance formed by the 55– and 100-hour SMAs circa 1.1140. During today's morning, the pair tried to exceed the 1.1150 mark.Hourly Chart
Since Wednesday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were slightly bearish, as 56% of orders in the 100-pip range were set to sell and 45% were to buy.