EUR/USD Trend During US Trading Session – Down Then Up
EUR/USD news:
🔆EUR/USD remains under pressure near the 1.0500 mark in early European trading on Friday, weighed down by a broad recovery in the US Dollar. Traders are adopting a cautious approach, avoiding new positions on the pair ahead of the release of preliminary PMI reports for both the Eurozone and the US.
🔆Later in the day, S&P Global will release the US Manufacturing and Services PMI data. If the Services PMI surpasses the market forecast of 53, the USD could gain further strength in response.
🔆Additionally, Germany is preparing for its general election to the Bundestag, the lower house of parliament, on February 23. As a result, investors may look to secure profits toward the end of the European session, potentially pushing EUR/USD lower.
Personal opinion:
🔆EUR/USD pair will have a pullback after touching the trend line (4H), besides the market will wait for US PMI so there will be little further breakout.
Technical analysis:
🔆Based on resistance - support zones and important Fibonacci levels combined with trend lines to come up with a suitable strategy.
Plan:
🔆Price Zone Setup:
👉Sell EUR/USD 1.0490 – 1.0510
❌SL: 1.0560 | ✅TP: 1.0450– 1.0400 – 1.0334
FM wishes you a successful trading day 💰💰💰
🔆EUR/USD remains under pressure near the 1.0500 mark in early European trading on Friday, weighed down by a broad recovery in the US Dollar. Traders are adopting a cautious approach, avoiding new positions on the pair ahead of the release of preliminary PMI reports for both the Eurozone and the US.
🔆Later in the day, S&P Global will release the US Manufacturing and Services PMI data. If the Services PMI surpasses the market forecast of 53, the USD could gain further strength in response.
🔆Additionally, Germany is preparing for its general election to the Bundestag, the lower house of parliament, on February 23. As a result, investors may look to secure profits toward the end of the European session, potentially pushing EUR/USD lower.
Personal opinion:
🔆EUR/USD pair will have a pullback after touching the trend line (4H), besides the market will wait for US PMI so there will be little further breakout.
Technical analysis:
🔆Based on resistance - support zones and important Fibonacci levels combined with trend lines to come up with a suitable strategy.
Plan:
🔆Price Zone Setup:
👉Sell EUR/USD 1.0490 – 1.0510
❌SL: 1.0560 | ✅TP: 1.0450– 1.0400 – 1.0334
FM wishes you a successful trading day 💰💰💰
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Channel: signals - knowledge and FOREX comments
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Channel: signals - knowledge and FOREX comments
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.