News – US – EUR / USD Daily Forecast – The euro failed to rise earlier in the week

0
1

EUR / USD recently made another attempt to settle above the resistance at 12130 but failed to develop enough upward momentum as the US. The dollar gained some ground against a broad basket of currencies

The US. The Dollar Index did not move below the next support level at 9030 and is currently trying to get to the test of the next resistance level which is at 9050 If the US. The dollar index is crossing this level and moving towards the resistance at 20 EMA at 9060 which will be bearish for EUR / USD

On Friday, the EU reported that the euro area manufacturing PMI rose from 548 in January to 577 in February compared to analyst consensus of 543. The PMI for Euro Area Services declined from 454 to 447 compared to analyst consensus of 459 as the service segment continued to be under significant pressure

Forex Traders Will Focus On Business Confidence Data From Germany Today Analysts believe business confidence has risen from 901 in January to 905 in February A stronger-than-expected report could add additional support to the euro, while a disappointing report likely will trigger a sell-off as market worries about the pace of economic recovery in Europe

EUR / USD failed to settle above resistance at 12130 and is testing the closest support level which is at the 50 EMA at 12105 If EUR / USD falls below this level it will move to the next support at 12080

A successful test of support at 12080 will push EUR / USD towards the support level at 12060 If EUR / USD falls below the support of 12060 it will move towards the next support level which is at 12040

On the upside, EUR / USD needs to be 1 above resistance2130 to have a chance of developing upward momentum in the short term. If EUR / USD is above 12130 it is moving towards the nearest resistance at 12155, a move above this level opens the way to test the resistance at 12175

US dollar, euro, foreign exchange market

News – Daily forecast US – EUR / USD – Euro could not move higher at the beginning of the week
Related Title :
EUR / USD Daily forecast – Euro could not rise higher at the beginning of the week
Euro price forecast: stimulus progress, inflation data for EUR / USD
EUR / USD is torn between optimism and fears of inflation two reasons to go up
Dollar Index – The weakness of the broad Dollar& gives the EUR a mild one Support

Source: https://www.fxempire.com/forecasts/article/eur-usd-daily-forecast-euro-failed-to-move-higher-at-the-start-of-the-week-702044