The Euro retreated to 1.1135 following its spike to 1.12133 highs on Tuesday. Overnight the shared currency managed to trade to 1.11876. EURUSD slipped to an overnight low at 1.10954. The generally stronger US Dollar provided the catalyst for the Euro reversal.
Euro area Services PMI data were mostly in line with forecasts. With little in the way of economic data from Europe today, trader will look to US reports with US Payrolls the highlight tomorrow. And of course, developments on the spread of Covid-19, particularly in Europe.
EURUSD has immediate resistance at 1.1175 followed by 1.1210. Immediate support can be found at 1.1100 followed by 1.1070. Expect the Euro to consolidate its recent gains in a likely 1.1090-1.1150 range today. Prefer to buy dips.
