The EUR/USD pair recovers the 1.0700 level after having been as low as 1.0665 following the release of local PMI figures. April data showed growth in the region decelerated at the beginning of the second quarter, as Markit Manufacturing and Services PMIs for Germany, France and the Euro zone, all missed expectations, and even resulted below March figures. Manufacturing in France remains below the 50 mark, the line that separates economic expansion/contraction, resulting the weakest reading at 48.4.
The pair however, managed to bounce sharply from the level, albeit trades in the red for the day. In the 4 hours chart, the 20 SMA declined further and stands in the 1.0730 region, offering an immediate short term resistance, ahead of the daily descendant trend line coming from this month high of 1.1034, today at 1.0760. The technical indicators in the mentioned time frame, aim slightly higher below their mid-lines, but for the most maintain a neutral stance. The weekly low at 1.0659 is the level to break to confirm a bearish continuation, eyeing then an approach to the 1.0610 price zone. Above the mentioned trend line on the other hand, the pair can retest the 1.0800 high posted on Wednesday, where selling interest is expected to resume.
View Live Chart for EUR/USD
The pair however, managed to bounce sharply from the level, albeit trades in the red for the day. In the 4 hours chart, the 20 SMA declined further and stands in the 1.0730 region, offering an immediate short term resistance, ahead of the daily descendant trend line coming from this month high of 1.1034, today at 1.0760. The technical indicators in the mentioned time frame, aim slightly higher below their mid-lines, but for the most maintain a neutral stance. The weekly low at 1.0659 is the level to break to confirm a bearish continuation, eyeing then an approach to the 1.0610 price zone. Above the mentioned trend line on the other hand, the pair can retest the 1.0800 high posted on Wednesday, where selling interest is expected to resume.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD post moderate gains on solid US data, weak Aussie PMI
The Australian Dollar registered solid gains of 0.65% against the US Dollar on Thursday, courtesy of an upbeat market mood amid solid economic data from the United States. However, the Federal Reserve’s latest monetary policy decision is still weighing on the Greenback. The AUD/USD trades at 0.6567.
EUR/USD recovers to top end of consolidation ahead of Friday’s US NFP
EUR/USD drove back to the top end of recent consolidation on Thursday, recovering chart territory north of the 1.0700 handle as market risk appetite regains balance heading into another US Nonfarm Payrolls Friday.
Gold recoils on hawkish Fed moves, unfazed by dropping yields and softer US Dollar
Gold price clings to the $2,300 figure in the mid-North American session on Thursday amid an upbeat market sentiment, falling US Treasury yields, and a softer US Dollar. Traders are still digesting Wednesday’s Federal Reserve decision to hold rates unchanged.
Ethereum may sustain trading inside key range, ETH ETFs to be delayed until 2025
Ethereum is beginning to show signs of recovery on Thursday despite a second consecutive day of poor performance in Hong Kong's spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot Ethereum ETF may not happen in the US in 2024.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.