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Eurozone private sector activity accelerated in July, with Composite PMI rising from 50.6 to 51.0—its highest level in 11 months. Manufacturing PMI improved slightly from 49.5 to 49.8, a 36-month high, edging closer to the 50-mark that separates expansion from contraction. Services PMI climbed to a six-month high of 51.2, from 50.5, pointing to broad-based improvement across sectors.

Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said the data suggests the Eurozone economy is "gradually regaining momentum." The manufacturing recession is "coming to an end," while services growth has picked up. Their GDP Nowcast model indicates the region is on track for “robust economic growth” in Q3, with Germany likely to show slight expansion while France may post a mild contraction, partly due to its domestic political uncertainty.

For the ECB, the data offers some relief. Services inflation—a key focus for policymakers—continued to ease in July. While goods prices stabilized, a stronger Euro and ongoing US tariffs are expected to put downward pressure on price levels in the months ahead.

Full Eurozone PMI flash release here.

Daily Pivots: (S1) 198.14; (P) 198.61; (R1) 199.48; More...

GBP/JPY is still bounded in consolidations below 199.96 and intraday bias stays neutral. While deeper pullback cannot be ruled out, further rally will remain in favor as long as 195.33 support holds. Above 199.96 will resume the rise from 184.35 to 100% projection of 180.00 to 199.79 from 184.35 at 204.14.

In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.

Daily Pivots: (S1) 171.71; (P) 172.22; (R1) 173.08; More...

Intraday bias in EUR/JPY remains neutral as consolidations continue below 173.21. With 170.78 support intact, further rally is expected. On the upside, break of 173.21 will target 138.2% projection of 154.77 to 164.16 from 161.06 at 174.03. Break there will bring retest of 175.41 high. Nevertheless, considering bearish divergence condition in 4H MACD, break of 170.78 will indicate short term topping, and turn bias to the downside for deeper pullback.

In the bigger picture, price actions from 175.41 (2024 high) are seen as correction to up trend from 114.42 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. Meanwhile, decisive break of 175.41 will confirm long term up trend resumption.

Daily Pivots: (S1) 0.8647; (P) 0.8669; (R1) 0.8690; More...

Intraday bias in EUR/GBP remains neutral as sideway consolidations continue below 0.8696. Further rally is expected with 0.8607 support intact. On the upside, above 0.8696 will bring retest of 0.8737 high. However, firm break of 0.8607 will confirm short term topping, on bearish divergence condition in 4H MACD. Deeper fall should be seen back to 55 D EMA (now at 0.8559).

In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it's reversing the down trend from 0.9267 (2022 high). But even if it's a correction, firm break of 0.8737 will still pave the way to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. For now, further rise will remain in favor as long as 55 W EMA (now at 0.8474) holds.

Daily Pivots: (S1) 1.7745; (P) 1.7852; (R1) 1.7937; More...

Intraday bias in EUR/AUD remains neutral first. on the downside, break of 1.7717 support will revive the case that rise from 1.7245 has completed. Corrective pattern from 1.8554 should have then started the third leg. Intraday bias will be back on the downside for 1.7459 support next. On the upside, above 1.7972 will bring retest of 1.8094 resistance.

In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is expected to resume at a later stage.

Daily Pivots: (S1) 0.9302; (P) 0.9323; (R1) 0.9351; More....

Intraday bias in EUR/CHF stays neutral for the moment, as range trading continues. On the upside, firm break of 0.9365 resistance will be the first sign that corrective pattern from 0.9445 has already completed. Further rise should then be seen to 0.9428/45 resistance zone. Firm break there will resume the rebound from 0.9218 low. However, firm break of 0.9292 will bring retest of 0.9218 instead.

In the bigger picture, while downside momentum has been diminishing as seen in W MACD, there is no sign of bottoming yet. EUR/CHF is still staying below 55 W EMA (now at 0.9424) and well inside long term falling channel. Outlook will stay bearish as long as 0.9660 resistance holds. Break of 0.9204 (2024 low) will confirm resumption of down trend from 1.2004 (2018 high).

Daily Pivots: (S1) 1.3572; (P) 1.3601; (R1) 1.3625; More...

Intraday bias in USD/CAD stays on the downside for the moment. Firm break of 1.3538 support will resume the whole decline from 1.4791. However, above 1.3628 will turn intraday bias neutral, and delay the bearish case. More consolidations would be seen above 1.3538 first in this case.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 0.6564; (P) 0.6584; (R1) 0.6622; More...

Intraday bias in AUD/USD remains on the upside for the moment. Rise from 0.5913 is in progress and should target 0.6713 fibonacci level. On the downside, below 0.6578 minor support will turn intraday bias neutral and bring consolidations. But near term outlook will continue to stay bullish as long as 0.6453 support holds.

In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. While stronger rally cannot be ruled out, outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Nevertheless, considering bullish convergence condition in W MACD, even in case of another fall through 0.5913, downside should be contained above 0.5506 (2020 low).

Daily Pivots: (S1) 146.02; (P) 146.62; (R1) 147.12; More...

Intraday bias in USD/JPY remains neutral. Corrective pattern from 149.17 might extend, but further rally is expected as long as 55 D EMA (now at 145.91) holds. On the upside, above 147.94 minor resistance will bring retest of 149.17. Firm break there will target 100% projection of 139.87 to 148.64 from 142.66 at 151.43. That is close to 61.8% retracement of 158.86 to 139.87 at 151.22. However, sustained trading below 55 D EMA will argue that the whole rebound from 139.87 might have completed and target 142.66 support for confirmation.

In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). There is no clear sign that the pattern has completed yet. But still, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. in case of another fall.

Daily Pivots: (S1) 0.7907; (P) 0.7929; (R1) 0.7946; More….

USD/CHF's fall from 0.8063 is in progress and intraday bias stays on the downside for retesting 0.7871 support. Firm break there will resume larger down trend and target 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. On the upside, however, above 0.7990 minor resistance will delay the bearish case and extend the corrective pattern from 0.7871 first.

In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.