The EUR/USD pair remains under pressure, with the dollar again on demand across the board. In Europe, further signs of tepid growth came by the hand of Markit Manufacturing PMIs, as the readings for Europe, Germany, France and Italy, beat expectations and surge to multi-months highs. Only Spain manufacturing output data missed expectations, although it also advanced in March above February figures. Later on in the day, the US will release its own manufacturing figures, alongside with the ADP employment survey and last week oil stockpiles, all of which could add volatility to the market.
In the meantime, the 4 hours chart for the pair shows that the 1.0710 keeps holding so far, albeit the price continues to pressure the Fibonacci support. The technical bias is bearish, as the 20 SMA extended lower above the current levels, whilst the technical indicators head lower below their mid-lines, after a limited upward correction from overbought levels. Buyers have been defending the mentioned 1.0710 level, with stops probably accumulating then, around the 1.0700 level. If those get triggered, the pair may quickly ease towards the 1.0660 price zone, while beyond this last, the slide may extend down to 1.0620. To the upside on the other hand, the pair has a short term resistance around 1.0760, followed by the 1.0800 where selling interest is expected to resume.
View Live Chart for EUR/USD
In the meantime, the 4 hours chart for the pair shows that the 1.0710 keeps holding so far, albeit the price continues to pressure the Fibonacci support. The technical bias is bearish, as the 20 SMA extended lower above the current levels, whilst the technical indicators head lower below their mid-lines, after a limited upward correction from overbought levels. Buyers have been defending the mentioned 1.0710 level, with stops probably accumulating then, around the 1.0700 level. If those get triggered, the pair may quickly ease towards the 1.0660 price zone, while beyond this last, the slide may extend down to 1.0620. To the upside on the other hand, the pair has a short term resistance around 1.0760, followed by the 1.0800 where selling interest is expected to resume.
View Live Chart for EUR/USD
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