EUR/USD Forecast: Consolidating just below 1.1900
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to PremiumEUR/USD Current Price: 1.1882
- Markit upwardly revised its Manufacturing PMIs for the EU and Germany.
- US ISM Manufacturing PMI is expected to have improved to 60.9 in July.
- EUR/USD is neutral-to-bullish, still needs to break above 1.1920.
The EUR/USD pair trades higher in range this Monday, still developing below the 1.1900 level. The shared currency advanced on the back of upbeat local data, as Markit upwardly revised its July Manufacturing PMIs for Germany and the EU to 65.9 and 62.8, respectively. The greenback trades with a weak tone across the FX board as stocks stand in the green. Meanwhile, US Treasury yields hold steady, hovering around Friday’s closing levels.
Markit will publish the final reading of the US July Manufacturing PMI, previously estimated at 63.1. In addition, the country will release the official ISM Manufacturing PMI for the same month, foreseen at 60.9 from 60.6 in June.
EUR/USD short-term technical outlook
The EUR/USD pair traded as high as 1.1896 and currently hovers around 1.1880. The near-term picture is neutral-to-bullish, as long as the pair holds above the 1.1840 level, the immediate support. The 4-hour chart shows that it is holding above all of its moving averages, with the 20 SMA heading firmly higher above the longer ones. However, technical indicators lack directional strength, although they stand within positive levels. The bullish case will be firmer if the pair breaks above 1.1920, the 61.8% retracement of its March/May rally.
Support levels: 1.1840 1.1790 1.1750
Resistance levels: 1.1920 1.1960 1.2000
EUR/USD Current Price: 1.1882
- Markit upwardly revised its Manufacturing PMIs for the EU and Germany.
- US ISM Manufacturing PMI is expected to have improved to 60.9 in July.
- EUR/USD is neutral-to-bullish, still needs to break above 1.1920.
The EUR/USD pair trades higher in range this Monday, still developing below the 1.1900 level. The shared currency advanced on the back of upbeat local data, as Markit upwardly revised its July Manufacturing PMIs for Germany and the EU to 65.9 and 62.8, respectively. The greenback trades with a weak tone across the FX board as stocks stand in the green. Meanwhile, US Treasury yields hold steady, hovering around Friday’s closing levels.
Markit will publish the final reading of the US July Manufacturing PMI, previously estimated at 63.1. In addition, the country will release the official ISM Manufacturing PMI for the same month, foreseen at 60.9 from 60.6 in June.
EUR/USD short-term technical outlook
The EUR/USD pair traded as high as 1.1896 and currently hovers around 1.1880. The near-term picture is neutral-to-bullish, as long as the pair holds above the 1.1840 level, the immediate support. The 4-hour chart shows that it is holding above all of its moving averages, with the 20 SMA heading firmly higher above the longer ones. However, technical indicators lack directional strength, although they stand within positive levels. The bullish case will be firmer if the pair breaks above 1.1920, the 61.8% retracement of its March/May rally.
Support levels: 1.1840 1.1790 1.1750
Resistance levels: 1.1920 1.1960 1.2000
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.