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Maintains Firmer Tone Ahead Of Eurozone PMI’s on Friday

EURUSD
  • Equity markets paring gains over the past hour or so has prompted some minor strength in the greenback (DXY into positive territory) and sees EURUSD gradually approaching the overnight lows of 1.0856.
  • Overall, the single currency has remained in a tight range on Thursday as the markets take a breather following the FOMC decision last night and the associated sharp Euro rally overnight.
  • The pair maintains a firmer short-term tone. A clear breach of the Fibonacci hurdle at 1.0911 is required to strengthen bullish conditions and open 1.1000 and a key resistance at 1.1033, the Feb 2 high and a bull trigger. Initial firm support is seen at 1.0760, the Mar 15 high and a recent breakout point.
  • Eurozone data comes thick and fast on Friday morning, with French flash manufacturing and services PMI’s kicking off a raft of Eurozone data points. Capping off the week, durable goods and PMIs highlight the US docket.
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