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EURUSD analysis Tuesday 4th of July 2017

EURUSD analysis Tuesday 4th of July 2017

 

For the second session in a row, the pair declined yesterday against the positive data recorded by the US manufacturing sector after releasing the Purchasing Managers' Index in the manufacturing sector which recorded 57.8 higher than the expectations that were pointing to 55.0 while the previous reading recorded 54.9.

On the other hand, the final reading of the Purchasing Managers' Index in the manufacturing sector in the euro area was 57.4 slightly higher than the 57.3% forecast for the markets and higher than the previous reading of 57.0.

There are no important economic data today in the euro zone but today is also the Independence Day in the United States. The opportunity may be favorable for the pair to rise again but it will be under the pressure of market sentiment.

Technically

Staying above 1.1350 could bring the pair back towards 1.1400 level and if breached, it could continue to climb towards 1.1440 and then 1.1495.

If the pair succeeds in breaching the 1.1350 level, this may cause the downside to continue towards 1.1315 level and if this level is breached it may continue to fall towards 1.1280 and then 1.1250 

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