EURUSD NEUTRAL AHEAD OF PMI DATA

The EURUSD pair remains neutral ahead of the release of Spanish, Italian, French and German PMI data during the European session.

At present, the pair trades at the calculated daily pivot point, at 1.1353, with euro sellers unable to close price beneath the 1.1330 level. Euro buyers also remain weak, with bulls unable to close price above the key 1.1380 level.

In the medium term the EURUSD retains a bullish trading bias whilst trading above the 1.1291 level, however, the euro remains neutral in the short term, with the pair currently seeking a directional bias.

A higher time frame close beneath the 1.1330 level, should accelerate EURUSD selling towards the 1.1290 level, with the pair exposed to further losses towards the 1.1250 level.

To the upside, a higher time frame price close above the 1.1380 level should support euro buying, with traders then looking towards a further test of the yearly price high.