EUR/USD falls to 1-week low and bounces

EUR/USD came under renewed pressure during the American session as the greenback strengthened on the back of better-than-expected US services PMI data.

US ISM non-manufacturing PMI rose to 56.5 in June from 52.9 in May, posting the highest reading in 7 months and beating expectations of 53.3.

EUR/USD was dragged lower and struck a 1-week low of 1.1028 but it was firmly rejected from lows and returned to pre-data levels. At time of writing, the pair is trading at 1.1075, virtually unchanged on the day.

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.1028 (Jul 6 low), 1.1000 (psychological level) and 1.0970 (Jun 24 low). On the flip side, resistances could be found at 1.1095 (200-day SMA), 1.1122 (10-day SMA) and 1.1185 (Jul 5 high).