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EURUSD extended pullback from a multi-month high (1.0948) and cracked pivotal supports at 1.0840/33 (Fibo 38.2% of 1.0666/1.0948 / 20DMA) but struggling to make a clear break lower. Oversold conditions on daily chart provided headwinds, suggesting that bears may take a breather, as markets await release of US July PMI data, due later today. Traders […]

The post EUR/USD Outlook: Bears Faced Headwinds at Pivotal Fibo Support appeared first on Action Forex.

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EUR/USD Pares Losses After Weak Eurozone PMIs

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03/06/2024

EUR/USD Calm as Eurozone Manufacturing Improves

The euro has posted slight losses on Monday. EUR/USD is trading at 1.0835 in the European session, down 0.11% on the day. Eurozone manufacturing close to stabilizing The eurozone manufacturing sector is still contracting but there is light at the end of the tunnel. The manufacturing PMI rose to 47.3 in May, up from 45.7 […]
11/01/2024

USDCHF Steady Within Bearish Channel

USDCHF retains a neutral pace ahead of US CPI inflation Encouraging signals detected, but rally above 0.8600 required USDCHF has been gently moving sideways, unable to post durable gains above the 0.8500 level after the bounce off a nine-month low of 0.8331 at the end of 2023. Both the RSI and the MACD have been […]
24/05/2024

USD/JPY Restarts Increase But Lacks Bullish Momentum

Key Highlights USD/JPY started a fresh increase above the 156.00 resistance. It broke a major contracting triangle with resistance at 156.10 on the 4-hour chart. Gold price declined heavily and moved in the red zone below $2,380. Oil prices are still struggling to recover above the $80.00 resistance. USD/JPY Technical Analysis The US Dollar formed […]