Euro Heads Lower due to PMI

FXOpen


Euro slipped lower on Monday after PMI data.
The lowest price target touched by EURUSD was 1.3773. Shall we consider
this price as a support zone ?

The 4H chart indicates a bearish outlook for Monday as much as you can see a bearish pattern.
Fundamentally, March China PMI showed another dip to 48.1 contributing
for bearish traders to play the downside on the market.

 

Euro Heads Lower due to PMI

Outlook: Bearish
Next Target: 1.3744
Breakout: Neutral
OB/OS : Oversold

Variation: -0.20%
Highest Price: 1.3825

Euro also is declining against JPY due PMI.
Technically, The chart have a bearish pattern.

Euro Heads Lower due to PMI


Outlook: Bearish
Next Target: 140.73
Breakout: Neutral
OB/OS : Oversold

Variation: +0.05%
Highest price: 141.80

There is possible support zones to be touched.
Support 1 – 140.60
Support 2 – 140.40

Banking Recommendations:
According to UBS :
"During last week's FOMC meeting, Fed Chair Yellen implied that the first hike to the Fed Funds target could happen as early as Q2 2015. This is likely to render the dollar increasingly sensitive to a faster rebound in US economic data over the coming months. That’s already incorporated into our existing dollar view, but we take this opportunity to fine tune our forecasts elsewhere," UBS clarifies.

Euro Heads Lower due to PMI

 

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

EUR/USD Analysis: Price Reaches the Level of 1.1000 Market Analysis: EUR/USD Extends Rally While USD/JPY Nosedives USD/JPY, GBP/USD, and EUR/USD Market Analysis: The US Dollar Continues to Fall Market Analysis: Australian Dollar Reaches Its Highest Since Early August Market Analysis: GBP/USD Rallies While EUR/GBP Slides Below Support

Latest articles

Trader’s Tools

Fibonacci Retracement Strategies

Fibonacci retracements are a cornerstone in the toolkit of many traders, offering a mathematical approach to identifying potential areas where reversals may occur. This article delves into the intricacies of using Fibonacci retracements, covering everything from basic understanding to strategies

Trader’s Tools

What Is Contrarian Trading?

Contrarian trading challenges the traditional buy-low, sell-high paradigm by going against prevailing market trends. This article delves into the principles, psychology, and tools that shape this approach, offering insights for traders seeking to tap into overlooked or undervalued opportunities. The

Forex Analysis

EUR/USD Analysis: Price Reaches the Level of 1.1000

Before yesterday's trading session, the last time 1 euro was 1.1 USD was in the first half of August. The growth of the rate was facilitated by the weakening of the dollar, which occurred against the background of the

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.