The traders’ attention will be focused on the Germany PMI manufacturing sector release. The single European currency devaluation with the geopolitical tensions decrease is positive factors for the manufacturing sector. We expect the data output at the level or slightly better than the forecasted medians that will support the pair.
The euro strengthened against the US dollar. Its active growth was followed by the resistance level of 1.0925 breakthrough. The pair could not fixate above this level and fell below it.
The price is finding the first support at 1.0790, the next one is at 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
The approach to the level of 1.0790 may lead to a price rebound upwards.Publication source