EURUSD rose in the early sessions today as the eurozone Markit PMI was released as better than expected for the month of August. The Germany Markit PMI Composite rose to 51.4 vs 50.5 expected whereas the Markit Manufacturing PMI rose tp 43.6 vs 43.0 expected and the European Union Markit PMI Composite came as 51.8 vs 51.2 expected. The EURUSD raised to the channel resistance on the release of Eurozone economic data near 1.11120 which is been consolidating since August 16th but failed to break above the channel inspite of better economic release and lost its gains once it tested the channel resistance. The better U.S jobless claims din’t affect the pair much from the consolidation and is currently trading near 1.10800 area. The dollar slipped lower on Thursday as expectations for further Federal Reserve rate cuts waned, while the euro gained ground after Eurozone private sector data boosted hopes that the bloc’s economy could avoid a recession.

The dollar was down 0.2% at 1.1104 euro after French and German PMI data for August came in ahead of expectations. But the reports showed that Germany’s manufacturing sector remained at recession levels and activity in the service sector slowed. Better selling opportunities are expected only when the pair breaks the Channel support below 1.10600 which would lead the pair upto 1.10280 August 1st low. On the other side of the coin, the EURUSD tested the descending trendline for the third time near 1.1110 in today’s early sessions but failed to break above which might take the pair to the next resistance at 1.12000. Tomorrow’s Powell speech is eyed where the investors wait for fresh impulsive move and trading setups for the next upcoming week.

EURUSD TODAY:
Daily open: 1.10841
Daily Last high: 1.11133
Daily Last Low: 1.10636
Daily current growth: -0.09%