Recently released PMI data shows that the U.S. manufacturing sector is rebounding. This dampens expectations of monetary easing from the Fed. With a stronger U.S. dollar and rising bond yields, USD-denominated assets like EURUSD are facing downward pressure.
On the daily chart, EURUSD is approaching the resistance zone at 1.16438 – an area that has rejected prices before. The recent rebound appears to be losing strength, and the ascending trendline is at risk of breaking.
If the price fails to hold above this trendline as illustrated, a breakout to the downside could drive the market toward the 1.10757 zone – which aligns with a previous strong support level.
In summary: be cautious of a potential trend break. If a pattern of lower highs continues, sellers may soon take control.
On the daily chart, EURUSD is approaching the resistance zone at 1.16438 – an area that has rejected prices before. The recent rebound appears to be losing strength, and the ascending trendline is at risk of breaking.
If the price fails to hold above this trendline as illustrated, a breakout to the downside could drive the market toward the 1.10757 zone – which aligns with a previous strong support level.
In summary: be cautious of a potential trend break. If a pattern of lower highs continues, sellers may soon take control.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.