The services sector in the eurozone performed better than expected. Data for April saw the services sector activity rising to 52.8 beating the flash estimates of 52.5. The data for April was also higher compared to March’s activity of 52.5. The euro, therefore, ended up rising 0.27% on the day.
EURUSD Likely to Test 1.1226 Once Again
The common currency is expected to retest the resistance level of 1.1226. This comes as the current bullish momentum keeps the common currency biased to the upside. But a breakout above 1.1226 is required in order for the euro to post further gains. Above 1.1226, there is scope for a test to 1.1246. Failure to advance above the resistance level could keep the currency pair trading flat.
