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EUR/USD Found Strong Resistance!

EUR/USD is trading lower at 1.1937 level below 1.1969 today's high. The price failed to take out as strong resistance, so we cannot exclude a temporary decline. The US data have come in mixed today, the DXY is trying to recover after its sell-off.

The US Flash Manufacturing PMI increased more than expected, while the Flash Services PMI dropped unexpectedly lower, from 70.4 to 64.8, far below 70.0 expectations. Moreover, the New Home Sales dropped from 818K to 769K, even if the traders have expected a potential growth of 864K.

EUR/USD The Pressure Remains High


As you can see on the H4 chart, EUR/USD failed to stabilize above the weekly pivot point (1.1952) signaling that the pressure is still high. Technically, this could be only a temporary rebound.

Dropping again below the 61.8% retracement level could announce a further decline at least until the former low of 1.1847 level. Technically, only jumping and stabilizing above the weekly pivot point could indicate more gains.


Making a new lower low, dropping and closing under 1.1911 could really signal a deeper drop

The material has been provided by InstaForex Company -