The euro was trading flat on Wednesday although the bearish momentum was evident. The June services PMI report published by Markit showed a slightly better than expected headline print. Services activity rose to 53.6, beating estimates of 53.4. The data did not help the euro which remained biased to the downside.
EURUSD Could Decline to 1.1250
The current bearish momentum could keep the EURUSD biased to test the 1.1250 level of support once again. However, we expect price to remain flat in the short term, in the run-up to Friday’s payrolls report. There is scope for the common currency to potentially post a reversal off the current lows above 1.1250 handle on a weaker payrolls report.
