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EUR/USD Outlook: Robust Manufacturing Sector Pushes Euro Higher

EUR/USD Outlook: Robust Manufacturing Sector Pushes Euro Higher

Justin McQueen, Strategist

EUR/USD Price Analysis & News

  • Eurozone Manufacturing and Services Sector Diverges
  • EUR/USD Driven to Rich Levels by Chinese Yuan
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Eurozone Manufacturing Holds Up, While Services Sector is Pressured by Tighter Restrictions

The Euro and European bourses finding some support this morning following this morning’s PMIs. What has been quite evident from the PMI survey’s in both France and Germany is that the services sector has felt the weight of tighter restrictions, thus showing a contraction, while the manufacturing sector remained in expansion with Germany manufacturing at 58 beating the highest estimate of 57.6. The focus going forward with the divergence in sectors is how long it will last before the manufacturing sectors edges lower.

EUR/USD Outlook: Robust Manufacturing Sector Pushes Euro Higher

Source: Refinitiv

EUR/USD Chart: 1-Minute Timeframe

EUR/USD Outlook: Robust Manufacturing Sector Pushes Euro Higher

Source: IG

10 Most Popular Candlestick Patterns

EUR/USD Driven to Rich Levels by Chinese Yuan

EUR/USD: A factor behind the notable support for the Euro has been the Chinese Yuan going from strength to strength, as such, a slowing in the appreciation of the Yuan can be enough to curtail upside in the Euro. On the topside, prior support at 1.1830 is now resistance, where a firm break puts 1.1870-80 in focus, while offers also sit at 1.1900-15. Support resides at 1.1790-1.1800.

Option expiries: 1.1750-55 ($1.26bln), 1.1800 ($2bln), 1.1840-50 ($1.43bln)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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