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EUR/USD in choppy directionless day - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the EUR/USD pair has once again, failed to define a clear direction this Thursday.

Key Quotes:

“Despite the notorious imbalance between both economies”

“Earlier on the day, European data shown Manufacturing and Services PMIs in the region fell back particularly in Germany and the EU after last month recovery”.

“In the US on the other hand, inflation rose to 1.7% yearly basis, existing home sales ticked higher, Philadelphia manufacturing survey post it’s highest since 1993, and only weekly unemployment rates missed expectations by printing 291K”.

“However, the dollar was unable to rally on good news, a red flag for buyers”.

“Technically, the 1 hour chat shows pretty choppy price action within range, with price now above its moving averages, as indicators move back and forth around their midlines, clueless”.

“In the 4 hours chart indicators lack strength but hold above their midlines, while 20 SMA aims higher acting as intraday support now around 1.2525”.

“A higher high of 1.2599 daily basis, suggest some further attempts from buyers are likely albeit sellers won’t give up unless 1.2620 is finally taken, at least in the short term”.

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