The EUR/USD pair recovers the 1.0700 level after having been as low as 1.0665 following the release of local PMI figures. April data showed growth in the region decelerated at the beginning of the second quarter, as Markit Manufacturing and Services PMIs for Germany, France and the Euro zone, all missed expectations, and even resulted below March figures. Manufacturing in France remains below the 50 mark, the line that separates economic expansion/contraction, resulting the weakest reading at 48.4.
The pair however, managed to bounce sharply from the level, albeit trades in the red for the day. In the 4 hours chart, the 20 SMA declined further and stands in the 1.0730 region, offering an immediate short term resistance, ahead of the daily descendant trend line coming from this month high of 1.1034, today at 1.0760. The technical indicators in the mentioned time frame, aim slightly higher below their mid-lines, but for the most maintain a neutral stance. The weekly low at 1.0659 is the level to break to confirm a bearish continuation, eyeing then an approach to the 1.0610 price zone. Above the mentioned trend line on the other hand, the pair can retest the 1.0800 high posted on Wednesday, where selling interest is expected to resume.
View Live Chart for EUR/USD
The pair however, managed to bounce sharply from the level, albeit trades in the red for the day. In the 4 hours chart, the 20 SMA declined further and stands in the 1.0730 region, offering an immediate short term resistance, ahead of the daily descendant trend line coming from this month high of 1.1034, today at 1.0760. The technical indicators in the mentioned time frame, aim slightly higher below their mid-lines, but for the most maintain a neutral stance. The weekly low at 1.0659 is the level to break to confirm a bearish continuation, eyeing then an approach to the 1.0610 price zone. Above the mentioned trend line on the other hand, the pair can retest the 1.0800 high posted on Wednesday, where selling interest is expected to resume.
View Live Chart for EUR/USD
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