You are here: Home > articles > Shares > EUR/USD Tests Near-Term Major Support Ahead of US ISM and PCE
EUR/USD Tests Near-Term Major Support Ahead of US ISM and PCE
March 1, 2017 10:57 amVideo
Latest News
- What’s next for markets amid Israel-Iran tensions? – Special Report April 16, 2024
- Technical Analysis – GBPUSD pulls back into the negative zone April 16, 2024
- Geopolitical developments and stronger US data push volatility to new highs across the board – Volatility Watch April 16, 2024
- Technical Analysis – AUDUSD breaks the lower bound of a sideways range April 16, 2024
- Video market update for April 16, 2024 April 16, 2024
- Hot forecast for EUR/USD on April 16, 2024 April 16, 2024
- Technical Analysis – EURUSD dives further near 1.0600 April 16, 2024
- XM 2024 Ramadan Promotion Winners April 16, 2024
- EUR/USD and GBP/USD: Technical analysis on April 16 April 16, 2024
- Key events on April 16: fundamental analysis for beginners April 16, 2024
- Overview of the GBP/USD pair. April 16th. The pound may rebound, but the flat is over, and there are no reasons for growth April 16, 2024
- Trading plan for GBP/USD on April 16. Simple tips for beginners April 16, 2024
- Trading plan for EUR/USD on April 16. Simple tips for beginners April 16, 2024
- Overview of the EUR/USD pair. April 16th. In plain text: The ECB will cut rates in June April 16, 2024
- Forecast for EUR/USD on April 16, 2024 April 16, 2024
- Forecast for GBP/USD on April 16, 2024 April 16, 2024
- Forecast for AUD/USD on April 16, 2024 April 16, 2024
- Outlook for GBP/USD on April 16. Pound awaits inflation data April 16, 2024
- Outlook for EUR/USD on April 16. Another boring Monday April 16, 2024
- The euro hardly has a chance to rise April 16, 2024
This morning we have seen the release of German Unemployment Change in Feb, fell by 14K, beating expectations of a 10K fall. The German unemployment rate in Feb remains at 5.9%, in line with expectations. EUR/USD has turned bearish since yesterday, as a result of the strengthening of the dollar. The current price is nearing the near-term major support zone between 1.0500 – 1.0530, where provides a stronger support. The level at 1.0500 is a crucial psychological level, the downtrend is likely to be held temporarily above the level. The 4 hourly Stochastic Oscillator is below 20, suggesting a rebound. The resistance level is at 1.0550, followed by 1.0565 and 1.0580. The support line is at 1.0530, followed by 1.0515 and 1.0500. We will see the release of a series of important US economic figures this afternoon. The PCE and Core PCE in Jan, at 13:30 GMT. The Markit Manufacturing PMI in Feb, at 14: 45 GMT. The ISM Manufacturing PMI and ISM Prices Paid, at 15:00 GMT. The figures will cause volatility to the movements the dollar and the dollar crosses. With better-than-expected numbers, it will likely weigh on EUR/USD and test supports. With lower-than-expected numbers, it will likely push EUR/USD up and test resistances.
Source: FX Pro Market Snapshot
Related Posts: