The EURUSD has ranged between 1.1851 and 1.1881 overnight as markets focused on euro area data.
The final euro area services PMI for June rose unpredictably to 58.3 (expected: 58, prior: 58) which has helped to keep the euro busy within the correction of the daily bearish impulse, as illustrated below.
Today, the Germany June ZEW investor survey and US June services ISM will be the key economic data related to the pair. If the June ZEW survey of expectations remains optimistic, then this could add fuel to the current correction of the daily bearish impulse with the economic recovery beginning to materialize.
The renewed and robust consumer spending should drive another strong print in the June ISM services index (market f/c: 63.5), but this is nothing new and is expected. This could give rise to a bias to the euro bulls for the near term.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.