EUR/USD technical analysis: Fiber recovers slightly as US Manufacturing PMI disappoints, above 1.1050 level

 

 

EUR/USD is off 2-yea lows as the ISM Manufacturing PMI came in at 51.2 against 52 expected by analysts. Also, the US 10-year yields are on the back foot, easing the buying pressure on the USD and helping EUR/USD to recover slightly.

 

 

EUR/USD is trading below its major simple moving averages (SMAs), suggesting momentum in the medium term. Fiber is currently bouncing from the daily lows breaking 1.1050 resistance. If the correction continues, further levels of resistances can be seen at 1.1067, 1.1080 and 1.1100 according to the Technical Confluences Indicator.

 

 

EUR/USD is trading below its SMAs, suggesting a bearish bias in the short term. Support is seen at the 1.1050, 1.1030 and 1.1010 levels, according to the Technical Confluences Indicator.