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EUR/USD: Too weak to recover as stocks rally

FXStreet (Mumbai) - The EUR/USD is attempting minor recovery, although the EUR bulls have no steam left amid rally in the European stock markets.

Off-lows, but weak

The pair now trades around 1.0925, compared to the daily low of 1.0916 levels. The downward revision of the final services PMI countered the monthly rise in the activity and blocked the possibility of a recovery in the pair.

Meanwhile, the stock markets in the Europe rallied following an uptick in the Chinese equities. The pan-European blue chip Euro Stoxx 50 index advanced 0.8%, which too is making sure the pair remains under pressure and in search of fresh daily lows ahead of the US ADP employment and ISM non-manufacturing report.

EUR/USD Technical Levels

The immediate support is seen at 1.0897 (last week’s low), under which the pair could drop to 1.0808 (July low). On the other hand, resistance is seen at 1.0940 (61.8% of Mar to Aug rally), followed by a major hurdle at 1.10 handle.

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