Can the EURUSD hold key intraday support

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By :  ,  Financial Analyst

Can the EUR/USD hold key intraday support

The US Dollar was bearish against all of its major pairs on Monday. Here is a look at today's biggest mover.

On the economic data front, the Institute for Supply Management's Non-Manufacturing Index rose to 57.1 on month in June (50.2 expected), from 45.4 in May.   

On Tuesday, the Bureau of Labor Statistics' U.S. Job Openings for May is expected to fall to 4,500 on month, from 5,046 in April.   

The Euro was bullish against all of its major pairs. In Europe, on the statistical front, in the Euro-Zone, retail sales rebounded in May by 17.8%, more than expected, after falling by 12.1% the previous month (revised from -11.7%). On the other hand, the Sentix Euro-Zone Investor Sentiment Index rose less than expected from -24.8 in June to -18.2 in July. In Germany, industrial orders rebounded by 10.4% in May (less than the +15% expected), after a 26.2% drop in April (revised from -25.8%). On the other hand, the PMI construction index rose to 41.3 in June from 40.1 in May. In Great Britain, the PMI Construction Index rebounded to 55.3 in June after reaching 28.9 in May. It was expected to reach 46.0.

The Australian dollar was bullish against most of its major pairs with the exception of the EUR. 

Looking at the most active currency pair movers, the EUR/USD gained 59 pips to 1.1307 in Monday's trading. The EUR/USD posted a nice rally all the way up to the 1.134 area before pulling back slightly. As long as 1.1303 overlap support holds, look for a retest of today's high at 1.1345. A break below could cause a correction down towards the 1.1275 support area. 

Source: GAIN Capital, TradingView
Related tags: EUR Forex Forex USD

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