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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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.

USD Source: Bloomberg

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

EURUSD sentiment Source: IG charts
EURUSD sentiment Source: IG charts

EUR/USD Chart with retail and institutional sentiment

EURUSD chart Source: IG charts
EURUSD chart Source: IG charts

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