The pair slightly retreated from a 21-month peak of 1.1625 and now hovers near 1.16. Any break below 1.1580 will open the doors to 1.1540/10. On the upper side break above 1.1626 can lead the pair to 1.1670.
On the data front, the Germany and Eurozone PMI rebounded to the upside in July. Germany Services PMI climbed to 56.7 in July 2020 from 47.3 in the previous month and well above market expectations of 50.5.
DXY trading below 94.70 and the next crucial support at 94. So i expect a rebound in dollar that will drag euro to down. We need clear close below 1.1580 for further downside. Overall I expect a entrancement of 100+ pips.
