The EUR/USD pair trades in quite a limited range this Monday, capped by the 1.1000 level and with the dollar generally higher across the board. Europe has released its July PMIs this morning, with the EU manufacturing sector expanding 52.4, above expectations of 52.2, and with only Spain figures missing expectations. In Greece, the contraction has been awful, as the manufacturing PMI printed 30.2 in the same month albeit it was not enough to bring down the average.
Additionally, Greek stocks market has opened after weeks of being closed, down 23% in its first day of trading, and with banks and finance shares collapsing as much as 30% in the first hours of trading.
Later on today, the US will release its PCE figures, which include the favorite measure of inflation of the FED, which will likely set the tone for the rest of the day.
View live chart of the EUR/USD
In the meantime, the EUR/USD 4 hours chart presents a neutral-to-bearish stance, as the price hovers around a bearish 20 SMA whilst the technical indicators have turned lower around their mid-lines. Given that the pair has set a daily low in the 1.0950 region, a downward acceleration through this last should lead to additional declines, towards the 1.0900/20 region.
A recovery above 1.1000 on the other hand, should lead to a steady advance up to the 1.1050 price zone, with a break above this last exposing the 1.1080 level.
Latest updates on the EUR/USD Forecast
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