5 Sep 2019
EUR/USD technical analysis: Euro retreats to 1.1041 as US Non-Manufacturing PMI beat expectations
- The United States Non-Manufacturing PMI came in at 56.4 in August vs. 54 expected giving USD a boost.
- The level to beat for sellers is at the 1.1041 and 1.1016 support levels.
EUR/USD daily chart
On the daily time-frame, the common currency is trading in a bear trend below its main daily simple moving averages (DSMAs). This Thursday, the United States Non-Manufacturing PMI came in at 56.4 in August vs. 54 expected giving USD a boost and sending EUR/USD down about 40 pips.
EUR/USD four-hour chart
EUR/USD lost a good chunk of the daily gains as the market is trading below the 100 and 200 SMAs. Bears will need to reclaim the 1.1041 level to drive the market down towards 1.1016 and 1.0964 support levels, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is trading above the 1.1041 support level and the main SMAs, suggesting bullish momentum in the near term. However, bulls will need to reclaim the 1.1073 resistance if they intend to extend the recovery towards 1.1016 and 1.0964 resistance levels, according to the Technical Confluences Indicator.
Additional key levels