EUR/USD technical analysis: Euro challenging 1.0912 resistance after ISM Manufacturing PMI

 

 

 

The common currency, on the daily time frame, is trading in a bear trend below the main daily simple moving averages (DSMAs). In the European session, the Eurozone inflation came in mixed, having little effect on EUR/USD. In the New York session, the ISM Manufacturing PMI came in below expectations at 47.8 vs. 50.1 forecast.

 

 

 

EUR/USD is trading below the main SMAs, suggesting a bearish bias in the medium term. Bears look for a break below 1.0890 support for a continuation down towards 1.0835/20 support zone and 1.0770 level, according to the Technical Confluences Indicator. 

 

 

 

EUR/USD is trading between the 50 and 100 SMAs, suggesting a consolidation in the near term. The market is challenging the 1.0912 resistance. If the market holds this level, the correction up may extend towards the 1.0940 and 1.0975 levels, according to the Technical Confluences Indicator.