EURUSD Forecast: Holding above 1.14000 ahead of EU PMIs
Major pairs saw quite restricted action this Thursday as traders were out of desk amid Thanksgiving Holiday.
EURUSD stuck and trading in a narrow range. Even ECB Minutes made an significant effect on the pair.
You can read the headlines of the minutes: ECB published the minutes
Today , we will have the preliminary November Markit PMI for the EU and the US. For the Union, forecasts point to figures similar to October final ones, while in the US, the Services sector is seen picking up. The US markets are due to an early close Friday, and reactions could be limited until next week opening when investors will return to their trading desks.
EURUSD is trading in a near term “directionless mode” . A “much better than expected” Eurozone PMIs may send the pair above 1.14130 but upside is limited. On the upside, 1.14440 and 1.14700 are the key levels. The pair must close firm above 1.14700 to gain a bullish acceleration for “1.15300 handle test.”
On the downside; 1.13800 is the first support. The breakout of 1.13800 will trigger the bearish move. 1.13500, 1.13222 and 1.12910 will be the next targets of the pair.
We keep our midterm bearish bias. All possible throwbacks can be used as selling opportunites as long as the pair holds below 1.16500 – midterm trend reversal level –
Any potential intraday trade opportunities will be published for the members.
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