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 over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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

SNB Unexpectedly Lowers Interest Rate from 1.50% to 1.25% GBP Awaits Bank of England Verdict: Volatility Ahead? Market Analysis: AUD/USD and NZD/USD Sight Steady Increase European Currencies Adjust to Support Levels: Is Growth Possible? NZD/USD Exchange Rate Falls from Nearly 5-Month High

Latest articles

Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, GBP, SNB Interest rate, Brent Crude Oil
Financial Market News

Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, GBP, SNB Interest rate, Brent Crude Oil

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • Nasdaq 100 Index Reaches
Analytical META Stock Predictions for 2024, 2025-2030, and Beyond
Trader’s Tools

Analytical META Stock Predictions for 2024, 2025-2030, and Beyond

Meta Platforms, Inc., formerly known as Facebook, is a leading technology company renowned for its social media and virtual reality innovations. This article provides a detailed analysis of Meta's stock performance, future analytical projections for 2024 to 2030, and the

Commodities

Natural Gas Price: Bullish Trend Weakens

Forecasts of a hotter summer, published during April and May, led to a sustained bullish trend in the natural gas market, as this commodity is heavily used for air conditioning.

Specifically:
→ The XNG/USD chart indicates that from 1st April

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.