Back Above $1.1800 into Europe

Friday's disappointing EZ flash PMI's, compared to the better than forecast US PMI outlook, provided support for the USD which allowed EUR/USD to press down to $1.1754. Move was also aided by strong US Home Sales data, which added fuel to a correction Friday phase. Rate bounced to $1.1787 ahead of the 1600BST fix, edged on to $1.1798 into the close. A fairly subdued Asian session though a slightly weaker tone to the USD(risk gaining a slight boost on press reports the Trump admin. considering emergency authorisation for the AstraZeneca/Oxford vaccine) allowed rate to edge above $1.1800, touched a high of $1.1807. Rate held these elevated levels through the session before getting knocked back to $1.1785 during the Asian afternoon but was able to edge back toward $1.1800 into Europe. A light data calendar in Europe, US only providing the Chicago Fed Activity Index at 1330BST. Focus this week on the Jackson Hole Symposium as well as the Republican Party's National Convention(major speeches noted after the Europe close). Support now seen at $1.1785/80, stronger into $1.1750. Traders suggest only a break below $1.1700 to concern longer term longs. Resistance $1.1807, $1.1820, $1.1835, stronger into $1.1850/55.