Key Highlights
Euro after trading lower towards 1.0890 found support and is currently moving back higher against the US Dollar.
There is a bullish trend line formed on the hourly chart of the EURUSD pair, which is acting as a support in the short term
Chinese Caixin China Services PMI™, released by Markit Economics came in at 48.3 in September 2015, which was more than the forecast of 47.5.
EURUSD Technical Analysis
The Euro nosedived against the US Dollar to trade lower by more than 200 pips this past week after the fed interest rate decision. However, it found support near the 1.0900 support area, which ignited an upside move in EURUSD.
There is a bullish trend line formed on the hourly chart of the EURUSD pair, which is currently acting as a support and pushing the pair higher. The best part is the fact that the pair closed above the 100 hourly simple moving average, which is a positive sign and might help the pair to gain bids in the short term.
The pair also opened the week with a minor gap higher, suggesting that buyers are in control and might take the pair further higher moving ahead. Let us see whether the pair can trade higher and test the 1.10 resistance area or not.
Chinese Caixin China Services PMI
Today during the Asian session, Caixin China Services PMI, which is an important indicator and based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies was published by Markit Economics.
The market was expecting an increase from the last reading of 47.2 to 47.5 in September 2015. However, the outcome was above the forecast, as there was a rise to 48.3. Overall, the report was positive and helped the risk sentiment to gain some ground during the Asian session.
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