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EUR/USD wobbles around 1.1120

FXStreet (Edinburgh) - The shared currency is clinging to its daily gains vs. the greenback on Wednesday, with EUR/USD now hovering over the 1.1120 area.

EUR/USD up and down with PMIs, focus on Draghi

The pair is managing quite well to keep the positive territory despite the softer-than-expected advanced PMI readings from Germany and the euro area for the current month, with only the French prints coming in on the stronger side. The still prevailing risk aversion continues to support EUR so far, leaving spot to navigate between daily tops near 1.1150 and the pullback to the 1.1110 area.

Next of relevance for the pair will be the speech by ECB President M.Draghi before Parliament followed by the US docket: Markit’s manufacturing PMI and the speech by Atlanta Fed D.Lockhart.

EUR/USD levels to watch

As of writing the pair is advancing 0.01% at 1.1120 and a breakout of 1.1155 (high Sep.23) would target 1.1207 (high Sep.22) en route to 1.1330 (high Sep.21). On the other hand, the next support aligns at 1.1105 (low Sep.23) followed by 1.1089 (low Sep.4) and finally 1.1017 (low Aug.19).

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