Wednesday, July 25, 2018

EUR/USD - 25 July 2018


Fundamental Highlights

The Single currency remains unchanged as the market witnessed a mixed PMI release from both the eurozone and the U.S. The eurozone's Services PMI reading printed lower than expected, however, the Manufacturing PMI printed higher. The same scenario occurred with the U.S in which services under-performed and manufacturing over-performed. For today, the Common currency will be guided by the release of the German IFO Business Climate Index and the New Home Sales numbers from the U.S. Economic out-performance from any side will push the pair in the direction of the stronger currency.

Technical Analysis

The pair is currently ranging between 1.17174 and 1.16532 as fundamentals do not reflect any out-performance from any side. A break above the 1.17174 resistance level will expose the 1.17500 level and a break below 1.16532 will expose the 1.16185.

Support: 1.16532 1.16185
Resistance: 1.17174 1.17500

Chart (H4)