Trading EUR/USD ahead of European market manufacturing PMI news
|Euro (EUR) slid down against the U.S. Dollar (USD) on Monday (September 20, 2021), decreasing the price of the EURUSD pair to less than 1.1800, ahead of the release of the European Market Manufacturing PMI news.
Technical analysis
As of this writing, the EURUSD hovers around 1.1713. Should the price keeps decreasing, the pair might sustain near the given price levels.
Short-Term support levelsa
1.1690 – The major horizontal support.
1.1626- The low of September 24, 2020.
1.1600 – The psychological level.
On the upside, the pair might face some resistance near the given price levels.
Short-Term resistance levels
1.1788 – The high of September 17, 2021.
1.1843- The horizontal resistance.
1.1908- The upper trendline arm.
European market manufacturing PMI news
Markit economics, Europe is scheduled to release numbers for the European Market Manufacturing PMI news on September 23, 2021. According to the average estimate of economists, European Market Manufacturing PMI news registered a reading of 65.0 in September, as compared to the reading of 62.6, in the month before.
Market Manufacturing PMI stats reflect the business conditions of the manufacturing sector in the Eurozone. Since the manufacturing sector dominates a large part of the total GDP, it is considered a significant economic indicator. Generally speaking, reading above 50 suggests a bullish trend for the EUR/USD pair and vice versa.
Conclusion
Considering the price movements of the pair over the past few days, it may be a better option in the short term if the EURUSD pair was sold at around 1.1788. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.
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