EUR/USD rebound falters around 1.1150

After a brief test of daily lows in the 1.1130 area, EUR/USD has now attempted to regain the mid-1.1100s following a knee-jerk in the greenback.

EUR/USD weaker on poor PMIs

Poor results from August’s final manufacturing PMIs in Euroland have accelerated the decline to lows near 1.1120, although sellers failed to drag spot lower for the time being.

In addition, a renewed wave of buying pressure around the British pound is heavily weighing on EUR/GBP and thus putting EUR/USD under extra pressure.

Later in the NA session, US Initial Claims, Markit’s manufacturing PMI and the more relevant ISM Manufacturing will keep the greenback in the limelight.

EUR/USD levels to watch

The pair is now losing 0.11% at 1.1145 and a break below 1.1128 (low Aug.30) would target 1.1121 (200-day sma) en route to 1.1043 (low Aug.5). On the flip side, the next hurdle lines up at 1.1224 (2014-2016 resistance line) followed by 1.1367 (high Aug.18) and finally 1.1434 (high Jun.24).