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EURUSD Breakout Opens up Path to 1.20, However, Euro-Area Growth Eases

EURUSD Breakout Opens up Path to 1.20, However, Euro-Area Growth Eases

2018-09-21 08:11:00
Justin McQueen, Analyst
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EUR Analysis and Talking Points

  • Euro Breakout Opens up Path for 1.20
  • Eurozone PMI Provides Mixed Outlook

Euro Breakout Opens up Path for 1.20

Yesterday saw the Euro register its largest gain against the greenback since late June with the USD continuing to remain weak and back to range lows despite the rise in Treasury yields. The rise in the Euro had also been exacerbated by the technical breakout above resistance at 1.1720 before taking out the July 9th high at 1.1790 to touch 1.18 for the first time since June. On the upside, provided that there is a close above 1.1790-1.18, the next significant target would be 1.1850, which marks the ECB taper day high.

Eurozone PMI Provides Mixed Outlook

Flash PMI readings for France had disappointed slightly with both Manufacturing and Services figures missing analyst expectations. Consequently, this has taken the shine of the rise in the Euro, while the German PMI report provided a mixed outlook with the miss in manufacturing offset by the firmer services figure. Similarly, with the German release, the Eurozone PMI also provided a mixed report with the services figure beating expectations, while manufacturing underwhelmed expectations.

EURUSD PRICE CHART: Daily Time-Frame (February-September 2018)

EURUSD Breakout Opens up Path to 1.20, However, Euro-Area Growth Eases

Chart by IG

Key Technical Levels

Support 1: 1.1720

Support 2: 1.1700

Resistance 1: 1.1800

Resistance 2: 1.1850

Additional Reading

EUR/USD - Bullish on a Breakout(Paul Robinson, Market Analyst)

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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