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Dec 08, 2016

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Market Analysis

Home » Technical Analysis » Daily » EURUSD Could Set New Weekly High

EURUSD Could Set New Weekly High

Posted by FXTimes in Daily - April 1st, 2016 10:30 am GMT

euro eurusd euraud

Key Points

  • Euro continued to gain traction against the US Dollar, and climbed above 1.1400.
  • The EURUSD pair broke a minor bearish trend line on the hourly chart recently to set the tone for more upsides.
  • The Euro Zone Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics came in at 51.6 in March 2016, more than the forecast of 51.4.
  • German Manufacturing Purchasing Managers Index (PMI) also increased from 50.4 to 50.7.

Technical Analysis

The EURUSD pair after continuously finding bids near a bullish trend line on the hourly chart traded higher, and also cleared a minor bearish trend line on the same chart. The pair is currently heading towards the last swing high of 1.1410 and may even break it.

EURUSD

The next resistance on the upside is around 1.1450 where the sellers may take a stand and try to prevent the upside move.

On the downside, the 1.1380 levels can be seen as a support area, followed by 1.1350.

Euro Zone Manufacturing PMI

Earlier today, the Euro Zone Manufacturing Purchasing Managers Index (PMI), which captures business conditions in the manufacturing sector was released by the Markit Economics. The market was expecting the PMI to remain at 51.4 in March 2016. However, the outcome was positive, as there was a rise in the PMI to 51.6.

The report stated that the “opening quarter of 2016 ended with a slight uptick in the rate of expansion of the eurozone manufacturing sector. This was highlighted by the final Markit Eurozone Manufacturing PMI® rising to 51.6 in March, up from 51.2 in February and above the earlier flash estimate of 51.4”.

Overall, the Euro traded with a positive tone and may continue to trade higher against the US Dollar.

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