After retesting the 0.8760 resistance area the price has drastically fell towards 0.86. Today was an important day for EUR having French and German Manufacturing PMI where both posted positive result of 53.4 and 58.3, which was better than the forecast made for the events. Today Flash Manufacturing PMI also released with positive result at 56.2 which was expected to be at 55.3 and Flash services PMI at 56.5 which was expected to be at 55.4. Observing all the fundamental events today, a stronger EUR gain can be sensed in the coming future against all the currency pairs including GBP. Today GBP has BBA Mortgage Approvals report where previously it was at 44.7k and today it is expected to be at 44.9k. Having all these events aside, currently there is nothing to do in this mid-range market rather than waiting for the time for any upcoming economic events to show greater possibilities on each side.
Now let us look at the technical view, the price is currently showing some bullish presence after bouncing off from 0.86 and if the price breaks below the 0.86 level with a daily close we will be looking forward to sell with a target towards 0.8420. On the other hand, if the bullish pressure continues, we will be expecting the price to go towards the resistance 0.8760. A daily close today will enclose the mystery for upcoming moves in the next week in this pair.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
After retesting the 0.8760 resistance area the price has drastically fell towards 0.86. Today was an important day for EUR having French and German Manufacturing PMI where both posted positive result of 53.4 and 58.3, which was better than the forecast made for the events. Today Flash Manufacturing PMI also released with positive result at 56.2 which was expected to be at 55.3 and Flash services PMI at 56.5 which was expected to be at 55.4. Observing all the fundamental events today, a stronger EUR gain can be sensed in the coming future against all the currency pairs including GBP. Today GBP has BBA Mortgage Approvals report where previously it was at 44.7k and today it is expected to be at 44.9k. Having all these events aside, currently there is nothing to do in this mid-range market rather than waiting for the time for any upcoming economic events to show greater possibilities on each side.
Now let us look at the technical view, the price is currently showing some bullish presence after bouncing off from 0.86 and if the price breaks below the 0.86 level with a daily close we will be looking forward to sell with a target towards 0.8420. On the other hand, if the bullish pressure continues, we will be expecting the price to go towards the resistance 0.8760. A daily close today will enclose the mystery for upcoming moves in the next week in this pair.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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