Euro (EUR) slid down against the U.S. Dollar (USD) on Monday (September 20, 2021), decreasing the price of the EURUSD pair to less than 1.1800, ahead of the release of the European Market Manufacturing PMI news.
Technical analysis
As of this writing, the EURUSD hovers around 1.1713. Should the price keeps decreasing, the pair might sustain near the given price levels.
Short-Term support levelsa
1.1690 – The major horizontal support.
1.1626- The low of September 24, 2020.
1.1600 – The psychological level.
On the upside, the pair might face some resistance near the given price levels.
Short-Term resistance levels
1.1788 – The high of September 17, 2021.
1.1843- The horizontal resistance.
1.1908- The upper trendline arm.
European market manufacturing PMI news
Markit economics, Europe is scheduled to release numbers for the European Market Manufacturing PMI news on September 23, 2021. According to the average estimate of economists, European Market Manufacturing PMI news registered a reading of 65.0 in September, as compared to the reading of 62.6, in the month before.
Market Manufacturing PMI stats reflect the business conditions of the manufacturing sector in the Eurozone. Since the manufacturing sector dominates a large part of the total GDP, it is considered a significant economic indicator. Generally speaking, reading above 50 suggests a bullish trend for the EUR/USD pair and vice versa.
Conclusion
Considering the price movements of the pair over the past few days, it may be a better option in the short term if the EURUSD pair was sold at around 1.1788. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.
Trading foreign exchange, indices and commodities, on margin, carries a high level of risk and may not be suitable for all individuals. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange or other markets you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some, or all, of your initial investment. Therefore you should not invest money that you cannot afford to lose. Past performance is not a guarantee of future results. No guarantee is being made that any individual will be able to replicate our past performance results.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.