EURUSD rises after US PMI shock
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EURO ( 
EURUSD ) ANALYSIS
- Flash PMI data provides unflattering US outlook, Europe improves
- EURUSD rises after US PMI shock
FLASH PMI DATA PROVIDES UNFLATTERING US OUTLOOK, EUROPE IMPROVES
German and EU manufacturing remains depressed but encouraging rises in flash services PMI results suggest improvement in Europe. UK manufacturing slumped well into contraction but also benefitted from another rise on the services front. It was the US that provided the most surprising numbers, witnessing a decline in services PMI and a drop into contractionary territory for manufacturing – weighing on the dollar.
EURUSD RISES AFTER US PMI SHOCK
EURUSD reacted to lackluster flash PMI data in the US by covering recent losses. The euro attempted to break above the 1.0700 level after recovering from the oversold zone around the 1.0600 low.
The pair has maintained a longer-term downtrend reflecting the different monetary policy stances adopted by the ECB and the Fed. A strong labor market, robust growth and rising inflation have forced the Fed to delay plans to cut interest rates, which has strengthened the dollar against G7 currencies. Surprising US PMI data suggests the economy may not be as strong as initially predicted and some weakness could emerge. However, it will take more than one quick data point to reverse the story.
If the bulls take control from here, 1.07645 becomes the next interesting upside level, followed by 1.0800 where the 200 SMA lies. On the other hand, 1.06437 and 1.0600 remain support levels. Interesting support if the long-term trend continues.
EURUSD ) ANALYSIS- Flash PMI data provides unflattering US outlook, Europe improves
- EURUSD rises after US PMI shock
FLASH PMI DATA PROVIDES UNFLATTERING US OUTLOOK, EUROPE IMPROVES
German and EU manufacturing remains depressed but encouraging rises in flash services PMI results suggest improvement in Europe. UK manufacturing slumped well into contraction but also benefitted from another rise on the services front. It was the US that provided the most surprising numbers, witnessing a decline in services PMI and a drop into contractionary territory for manufacturing – weighing on the dollar.
EURUSD RISES AFTER US PMI SHOCKEURUSD reacted to lackluster flash PMI data in the US by covering recent losses. The euro attempted to break above the 1.0700 level after recovering from the oversold zone around the 1.0600 low.
The pair has maintained a longer-term downtrend reflecting the different monetary policy stances adopted by the ECB and the Fed. A strong labor market, robust growth and rising inflation have forced the Fed to delay plans to cut interest rates, which has strengthened the dollar against G7 currencies. Surprising US PMI data suggests the economy may not be as strong as initially predicted and some weakness could emerge. However, it will take more than one quick data point to reverse the story.
If the bulls take control from here, 1.07645 becomes the next interesting upside level, followed by 1.0800 where the 200 SMA lies. On the other hand, 1.06437 and 1.0600 remain support levels. Interesting support if the long-term trend continues.
Nota
FX options expiring April 24: Attention EURUSD+++ Pay attention to EUR/USD at 1.0700. The pair is facing resistance around the 38.2 Fib retracement level of this month's decline at 1.0709.
Nota
How will EUR/USD fluctuate after breaking the important resistance zone 1.07?On the daily chart, EURUSD has broken through the key resistance level at 1.07 and is currently testing a failure at the intersection of the 50% Fibonacci retracement and the 21 moving average. This is an area where sellers are intervening to Prepare to push prices down.
Nota
Nota
EUR/USD extended its bullish streak into the fourth trading session, but is still trading within Friday's range so can be considered sideways for the time being. The short-term outlook for this pair remains positive as it is trading above the 20 EMA at 1.0730.
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