EURUSD Forming A Bullish Reversal Pattern

EURUSD Forming A Bullish Reversal Pattern

By: Simon Furman | Where To Trade | On:23-04-2015 10:29
Back

Key Highlights

  • Euro fell sharply earlier today to test the 1.0660 support area against the US dollar, but later managed to find buyers around the mentioned level and traded back higher.

  • Chinese HSBC Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics declined from 49.6 to 49.2 in April 2015.

  • Japanese Nomura/JMMA Manufacturing PMI presenting an early snapshot of the health of manufacturing sector in Japan fell from 50.3 to 49.7.

  • France Purchasing Managers Index (PMI) Manufacturing released by Markit Economics registered a reading registered a decline from 48.8 to 48.4 in April 2015.

  • France Services PMI also posted a decline from the last reading of 52.4 to 50.8.

  • German Manufacturing PMI missed the expectation and fell from 52.8 to 51.9 in April.

  • German Services PMI also declined by one point to 54.4 from 55.4.

  • Euro Zone Manufacturing PMI fell by 0.3 points from 52.2 to 51.9 in April 2015.

  • Euro Zone Services PMI was also disappointing, as it declined from 54.2 to 53.7.

  • Spanish Unemployment Survey representing the number of unemployed workers divided by the total civilian labor force released by the National Institute of Statistics came in at 23.78%.

Euro Zone Manufacturing PMI

Earlier today during the London session, the Euro Zone Manufacturing Purchasing Managers Index (PMI), which helps in gauging business conditions in the manufacturing sector was released by the Markit Economics. The market was not expecting any decline in the Manufacturing PMI, but instead a minor rise from 52.2 to 52.6 was expected in April 2015. The outcome missed the mark, as the Euro Zone Manufacturing Purchasing Managers Index fell to 51.9. The report stated that there was a sharp pullback in the manufacturing activity from March, and the slowdown reflected weakness in France and Germany.

Furthermore, the Euro Zone Services PMI was also released. The outcome was again on the lower side, as the Euro Zone Services PMI declined from 54.2 to 53.7 in April. This was below the forecast of a rise to 54.5.

The Chief Economist at Markit, Chris Williamson stated in the report that the “the weaker rate of expansion is a big disappointment, given widespread expectations that the ECB’s quantitative easing will have boosted the fledgling recovery seen at the start of the year”.

German Manufacturing PMI

The Germany Manufacturing Purchasing Managers Index was also published, which missed the forecast and posted a decline in April. The market was expecting a rise from 52.8 to 53.0, but the outcome was disappointing. The German Manufacturing PMI came in at 51.9. Moreover, the German Services PMI too missed the mark and declined from 55.4 to 54.4 in April 2015.

Technical Outlook – Euro

The EURUSD pair surprisingly managed to hold the ground. It initially fell lower to trade near the 1.0660 support area, but later climbed back sharply to test the 1.0700 resistance. It breached the mentioned resistance area and looks set for a move towards the 1.0740 level. On the downside, the 1.0600 level remains the key for sellers.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

EURUSD Slow and Steady Uptrend

EURUSD Slow and Steady Uptrend

By: Ben Myers | Where To Trade | On:02-05-2015 11:21

Euro traded higher versus the US Dollar Intraday, and registered a new weekly high as buyers were optimistic after a report which points that better growth is possible in the Euro Area.

Euro Above 1.1200 And Looks Set For More Gains

Euro Above 1.1200 And Looks Set For More Gains

By: Simon Furman | Where To Trade | On:30-04-2015 11:11

Euro continued to gain momentum against the US dollar as the latter one weakened recently, which means there is more room for gains in the EURUSD pair.

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

By: Oliver Miller | Where To Trade | On:29-04-2015 11:06

UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

EURUSD Looks Set To Break 1.0920

EURUSD Looks Set To Break 1.0920

By: Darryl Frankfort | Where To Trade | On:28-04-2015 10:53

Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

FX Market Continues To Consolidate Post Dollar Losses

FX Market Continues To Consolidate Post Dollar Losses

By: James Ansher | Where To Trade | On:27-04-2015 10:46

US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings