EURUSD → Slips as euro zone PMIs give ECB pause
The Initial reaction to the data saw EURUSD spike 50 pips lower before hovering around the 1.0820 handle at the time of writing. Key area at present with the 200-day MA resting just below the 1.0800 handle and could cap further losses.
EURUSD did face selling pressure as a stronger US Dollar and rising US yields saw the pair fall to support around the 1.0840 handle and print a fresh 7-week low. There is potential for further downside with a break below the 1.0840 support handle opening up a run toward the 200-day MA resting just a smidge below the 1.0800 handle. For now, though much like the majority of major pairs the range between the 100 and 200-day MAs could continue to hold firm keeping EURUSD confined to the 220 odd pip range.
Key Levels to Keep an Eye On:
Support levels:
1.0840
1.0797 (200-day MA)
1.0747
Resistance levels:
1.0900
1.0930 (100-day MA)
1.1000 (psychological level)
EURUSD did face selling pressure as a stronger US Dollar and rising US yields saw the pair fall to support around the 1.0840 handle and print a fresh 7-week low. There is potential for further downside with a break below the 1.0840 support handle opening up a run toward the 200-day MA resting just a smidge below the 1.0800 handle. For now, though much like the majority of major pairs the range between the 100 and 200-day MAs could continue to hold firm keeping EURUSD confined to the 220 odd pip range.
Key Levels to Keep an Eye On:
Support levels:
1.0840
1.0797 (200-day MA)
1.0747
Resistance levels:
1.0900
1.0930 (100-day MA)
1.1000 (psychological level)
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