The EUR/USD pair rallied in the short term registering a new high of 1.0996. Now, it has turned to the downside in the short term and it tries to test and retest the near-term support levels before developing a new bullish momentum. It’s trading at 1.0976 at the time of writing.
The bias remains bullish, so temporary retreats could bring us new long opportunities. Surprisingly or not, the currency pair extended its growth even if the US Flash Manufacturing PMI came in at 50.4 points versus 49.0 points, while Flash Services PMI increased from 52.6 points to 53.7 points. Still, the current drop could be natural after the economic data.
Today, the German Ifo Business Climate is expected at 93.4 points versus 93.3 points in the previous reporting period. Tomorrow, the US CB Consumer Confidence is seen as a high-impact event.
EUR/USD Temporary Drop?
Technically, the pair escaped from the range pattern but it has failed to stabilize above the 1.0982 broken resistance. The 1.0996 today’s high represents a resistance level.
Now, it could try to reach the weekly pivot point of 1.0970. This represents an immediate support level.
EUR/USD Outlook!
Testing and retesting the weekly pivot point of 1.0970, registering only false breakdowns may announce a new upwards momentum. Still, only a new higher high, a bullish closure above 1.0996 activates an upside continuation and is seen as a new long opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair rallied in the short term registering a new high of 1.0996. Now, it has turned to the downside in the short term and it tries to test and retest the near-term support levels before developing a new bullish momentum. It’s trading at 1.0976 at the time of writing.
The bias remains bullish, so temporary retreats could bring us new long opportunities. Surprisingly or not, the currency pair extended its growth even if the US Flash Manufacturing PMI came in at 50.4 points versus 49.0 points, while Flash Services PMI increased from 52.6 points to 53.7 points. Still, the current drop could be natural after the economic data.
Today, the German Ifo Business Climate is expected at 93.4 points versus 93.3 points in the previous reporting period. Tomorrow, the US CB Consumer Confidence is seen as a high-impact event.
EUR/USD Temporary Drop?
Technically, the pair escaped from the range pattern but it has failed to stabilize above the 1.0982 broken resistance. The 1.0996 today’s high represents a resistance level.
Now, it could try to reach the weekly pivot point of 1.0970. This represents an immediate support level.
EUR/USD Outlook!
Testing and retesting the weekly pivot point of 1.0970, registering only false breakdowns may announce a new upwards momentum. Still, only a new higher high, a bullish closure above 1.0996 activates an upside continuation and is seen as a new long opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: