EURUSD Falls As Germany’s Manufecturing PMI Disappoints


Technical Bias: Slightly Bullish

The Euro (EUR) inched lower against the US Dollar (USD) on Friday, dragging the price of EURUSD to less than even 1.1350 following some key economic releases. The technical bias remains slightly bullish in the short term due to a higher high on the four-hour timeframe.

Technical Analysis

As of this writing, the pair is being traded around 1.1363. A support can be seen near 1.1351, the trendline support ahead of 1.1333, the swing low of last major dip as demonstrated in the following four-hour chart. A break and four-hour closing below the trendline could incite renewed selling pressure, validating a downside move below the 1.1300 handle.


On the upside, the pair is expected to face a hurdle near 1.1371, the intraday high of yesterday ahead of 1.1450, the confluence of psychological number as well as high of last major upside move. The technical bias will remain bullish as long as the 1.1333 support area is intact.

Germany’s Manufacturing PMI

The manufacturing activity in Germany remained 50.9 points in February as compared to the same level in the month before, a report revealed on Friday, down beating the average forecast of different economists which was 51.5 points. Generally speaking, higher manufacturing pmi is considered positive for the economy thus a worse than expected actual outcome spurred selling pressure in the price of EURUSD. Not to mention, Eurozone’s QE announcement is also dragging the shared currency lower in the long run.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair on a breakout appears to be a good strategy in short to medium term.

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

Market Analysis: Dollar Falls from 10-month High Market Analysis: US Currency Continues to Grow Ahead of GDP Data Release Market Analysis: Gold and Commodity Currencies Resume Their Decline Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, 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. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate


US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

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.