Axiory Global Research Team
Axiory Global Ltd.
Traders bought the recent dip in the EURUSD pair and it was seen 0.40% stronger during the US session on Tuesday, hovering at around 1.1050.
Earlier in the day, German ZEW surveys came out mixed, with the economic sentiment improved notably in September to -22.5, from -44.1 previously, but the current situation worsened further to -19.9, from -13.5 in August. Both numbers are still weak and point to a recession in the biggest EU economy.
Meanwhile, US manufacturing production jumped 0.5% month-on-month (well above the +0.2% expected) but thanks to the production of motor vehicles decreasing 1%, the most in four months, the worst news is that manufacturing production remains down on a year-on-year basis (-0.4% YoY) for the second month in a row.
The next meaningful resistance seems to be in the 1.1060 area, where previous short term lows are seen. If bulls push the euro above this level, further gains toward the current swing highs of 1.1110 could occur quickly.
Alternatively, the support is still at 1.10 and should it fail, the shared currency could decline to the post ECB lows of 1.0930.
Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.
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