The EUR/USD pair finally filled the weekly opening gap, advancing above the 1.1200 level following mixed European Markit Manufacturing PMIs. As usual, German figures were among the best, with the February reading reaching 51.9, above the 50.3 expected. The Euro zone inflation fell 0.3% yearly basis in February, slightly better than expected, while the core reading remain steady at 0.6%, helping the pair to advance further. Nevertheless, the bearish dominant trend remains firm in place ahead of ECB meeting later on in this week.
The 4 hours chart shows that the price develops well below a bearish 20 SMA, currently around 1.1250, a former strong static support, reinforcing it. The technical indicators in the same time frame are barely correcting from oversold levels, lacking upward potential at the time being. The mentioned level should attract selling interest if reached, whilst the daily low has been set during Asian hours at 1.1159, with a break below it exposing the pair to a retest of the multi-year low set in January at 1.1097.
View Live Chart for EUR/USD
The 4 hours chart shows that the price develops well below a bearish 20 SMA, currently around 1.1250, a former strong static support, reinforcing it. The technical indicators in the same time frame are barely correcting from oversold levels, lacking upward potential at the time being. The mentioned level should attract selling interest if reached, whilst the daily low has been set during Asian hours at 1.1159, with a break below it exposing the pair to a retest of the multi-year low set in January at 1.1097.
View Live Chart for EUR/USD
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