2 Aug 2019
EUR/USD technical analysis: Euro reverses daily losses as the trade war weakens the greenback
- EUR/USD is rebounding as Trump announced additional tariffs on China.
- Earlier in the day the ISM Manufacturing PMI disappointed sending USD down and EUR/USD up.
- The level to beat for bulls are seen at the 1.1100, 1.1117, 1.1130 and 1.1147 levels.
EUR/USD daily chart
EUR/USD is rebounding from 2-year lows as the ISM Manufacturing PMI came in at 51.2 against 52 forecast by analysts and Trump announced additional tariffs on China. Furthermore, the US 10-year yields are weakening, adding bearish pressure on the greenback.
EUR/USD 4-hour chart
EUR/USD is trading below its major simple moving averages (SMAs), suggesting bearish momentum in the medium term. However the market will need to break 1.1080 support to decline towards 1.1067, 1.1050 and the 1.1030 level, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is up sharply on Thursday breaking several resistance levels. The market is trading above the 50 SMA, suggesting a correction up in the near term. Buyers would need to overcome 1.1100 resistance to reach 1.1117, 1.1130, 1.1147 and potentially 1.1176 if the bulls gather enough steam.
Additional key levels