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Markit Services PMI can trigger EUR/USD – FXStreet

FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the Market Services PMI in the US to be released later in the day can trigger a more interesting move in the EUR/USD pair as it trades in a limited range.

Key Quotes

“The EUR/USD pair has been trading in a quite limited range this Monday after posting a daily low of 1.2361 at the weekly opening.”

“Furthermore the 4 hours chart shows that the pair has broke below a daily ascendant trend line, that today stands a few pips above the 38.2% retracement of the same decline around 1.2435, while indicators aim slightly higher from oversold levels, still deep in negative territory.”

“Later on the day Markit Services PMI in the US can trigger a more interesting move, with a price acceleration above 1.2340 in fact required to see further intraday gains, up to 1.2480 price zone.”

“A decline below 1.2360 on the other hand should expose the pair to a stronger decline, with 1.2320 as probable short term bearish target then.”

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