EUR/USD: Short-term support level barely holds as consolidatory overview remains intact
Better than expected Eurozone PMI figures fail to offer a higher finish for the pair’s price.
EUR/USD Technical analysis, overview, strategies, and levels
Eurozone services PMI (Purchasing Managers Index) figures were better than expected yesterday, in hopes that the contraction in manufacturing was limited to just that sector. Up next is German industrial production figures followed by the EU’s economic growth forecast. From a technical standpoint, the pair’s price is just below its short-term support level as the positive technical bias it has been enjoying takes a hit when brushing up against its weekly bear trend channel. Most of its main indicators remain neutral, but with its price below all its main short-term moving averages and combined with a trending Average Directional Index (ADX).
| Current Technical Overview | Consolidation |
| Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
| Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| S/L for 2nd Resistance | 1.1160 |
| 2nd Resistance | 1.1142 |
| S/L for 1st Resistance | 1.1124 |
| 1st Resistance | 1.1106 |
| Relative Starting Point | 1.1070 |
| 1st Support | 1.1034 |
| S/L for 1st Support | 1.1016 |
| 2nd Support | 1.0998 |
| S/L for 2nd Support | 1.0980 |
IG client and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
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