DAILY MARKET BRIEFING; EUR/USD ANALYSISDAILY MARKET BRIEFING; EUR/USD TECHNICAL ANALYSIS
September 23/2021
The EUR/USD had a complete move towards the August 23rd lowest support area as negative economy reports blazed from the side of the EURO zone earlier in the last trading hours. It was not long ago when the expected interest rate hikes took charge of the market sentiment. Yet, the government speeches at the FOMC reassured the expectation of the market participants to come to a hawkish fed monetary policy, conclusion.
While on the negative side of the EURO report from the fundamental economy update claims that
The German manufacturing purchasing managers index (PMI) had an expansion in a report of 58.5 although the previous reading of the PMI data was at 62.5 economic analysts predicted a forecast of 61.5.
The German services PMI also fell from a previous reading of 60.8 to 56.0. Also, The European service PMI went negative.
According to an economy report from Reuters, The dollar chop down across the board on Thursday as enhanced risk emotion in global financial markets wiped out its gains in the previous day after the U.S. Federal Reserve flagged plans to dial back its stimulus this year.
Trading recommendations, in general, the market tends to have a bullish trading bias hence the further movement of price to the upside could be welcome in the market
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