All eyes turn to Eurozone PMI data for further direction
Near-term bias is more neutral as price holds in between the key hourly moving averages, just under the 100-hour MA (red line) but above the 200-hour MA (blue line). The focus now turns towards the release of PMI data from Europe, beginning with France at 0715 GMT.
So, what are the key levels to watch out for?
Any run to the upside on data beats will require a break above the resistance region around 1.1325-30 in order to extend higher. Meanwhile, the 200-hour MA @ 1.1283 will be a key near-term support level in any event price runs to the downside. A break below that will see the near-term bias turn more bearish.
Further topside resistance is seen closer to 1.1350 and then 1.1390-00. As for downside support, the 1.1245-50 levels will be the next in line before 1.1210-15 and then bids at around 1.1200 will come into play.
The other thing to note today is that there are large expiries lurking throughout 1.1200 to 1.1350 in the pair. Just be aware of that and weigh those levels with the key support/resistance levels above when gauging price action after the data release later.
On top of all of this, do be aware that most major European markets will observe a four-day weekend from tomorrow onwards. Hence, profit-taking on the back of the release here into the Easter holidays is also something to consider before the day ends.