EUR/USD drops to fresh session lows at 1.1437

FXStreet (Mumbai) - EUR/USD edged lower in European morning, shaving-off gains from the previous session as traders ignored cheerful Spanish and Italian PMI readings and now await German PMI numbers.

EUR/USD down from 1.1477 levels

The EUR/USD now dips to fresh session lows at 1.1437 levels, down -0.39% on the day, retreating from 1.1477 levels before the PMI release. EUR/USD fell as traders booked profits on their long positions as the pair failed to breach 1.15 levels. Moreover, the pair remains pressured as traders now await German services PMI and EMU retail sales numbers for further momentum on the pair. Bullish services PMI reports from Spain and Italy also failed to lift the Euro from lows.

EUR/USD rallied above 1.15 mark yesterday on reports that Greece won’t require a debt write-off, but instead will look to issue new debt and rearrange new funding conditions for the country.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1500 levels, above which gains could be extended to 1.1534 (Feb 3 High) levels. On the flip side, support is seen at 1.1400 levels, below which it could extend losses to 1.1316 (Jan 22 Low).