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EURUSD Forecast: Holding above 1.14000 ahead of EU PMIs

EURUSD Forecast: Holding above 1.14000 ahead of EU PMIs

Fundamentals:

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.

Technical Overview:

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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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

EURUSD Forecast:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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