Key Highlights
-
Euro continued to gain traction, as the US Dollar tumbled against most major currencies.
-
There was a resistance trend line formed on the hourly chart of the EURUSD pair, which was broken during the upside move.
-
Today, the Euro Zone Manufacturing Purchasing Managers Index (PMI) will be released by the Markit Economics for April 2016, which is forecasted to remain stable around 51.5.
-
In Australia, the AiG performance of the Mfg Index released by the Australian Industry Group posted a decline from the last revised reading of 58.1 to 53.4 in April 2016.
EURUSD Technical Analysis
The Euro jumped sharply during the past few days against the US Dollar and traded above the 1.1450 resistance area. The most important point is that the EURUSD pair settled above a resistance trend line formed on the hourly chart.
If the pair corrects lower from the current levels, then the 23.6% Fib retracement level of the last wave from the 1.1309 low to 1.1479 high may act as a support area.
On the upside, the next resistance above 1.1480 lies near 1.1500.
Euro Zone Manufacturing PMI
Today, there are a few economic releases in the Euro Zone, including the Euro Zone Manufacturing Purchasing Managers Index (PMI) by the Markit Economics. The market is expecting a stable reading near 51.5 in April 2016. If there is any decline, then we can witness a minor correction in the EURUSD pair in the short term.
In the US, the Institute for Supply Management (ISM) Manufacturing Index will be published, which is forecasted to post an expansion in April 2016.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
AUD/USD recovers to near 0.6450, shrugs off mixed Australian jobs data
AUD/USD is rebounding to near 0.6450 amid renewed US Dollar weakness in the Asian session on Thursday. The pair reverses mixed Australian employment data-led minor losses, as risk sentiment recovers.
USD/JPY bounces back toward 154.50 amid risk-recovery
USD/JPY bounces back toward 154.50 in Asian trading on Thursday, having tested 154.00 on the latest US Dollar pullback and Japan's FX intervention risks. A recovery in risk appetite is aiding the rebound in the pair.
Gold rebounds on market caution, aims to reach $2,400
Gold price recovers its recent losses, trading around $2,370 per troy ounce during the Asian session on Thursday. The safe-haven yellow metal gains ground as traders exercise caution amidst heightened geopolitical tensions in the Middle East.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.