Trading news

EUR/USD: bullish potential stronger

Majors are on hold ahead of the US opening, with the EUR/USD holding around 1.0740, not far from a fresh multi-week high achieved early Asia at 1.0771. The dollar saw some modest demand with the European opening, but the pair's decline stalled after the release of January preliminary PMIs for the EU, which showed that the economy in the region remains in the growing path.
For the whole EU, the services PMI index came in at 53.6, its lowest in 3 months, whilst the manufacturing one rose to 55.1, its highest in 69 months, leaving the composite benchmark at 54.3, slightly below the previous month 54.4. in Germany, manufacturing is estimated to have grew by 56.5 against previous 55.6, with the composite output is estimated at 54.7 for the month.
In the US, attention will center in the Manufacturing PMI and Existing Home Sales figures for December.

Technically the pair maintains a bullish stance, not only because of persistent higher lows and higher highs daily basis, but also due to the fact that retracements towards 1.0710, a major Fibonacci support are being quickly reversed.
Short term the 1 hour chart shows that the price stands a few pips below a flat 20 SMA, whilst the Momentum indicator turned higher below the 100 level and the RSI indicator stands flat at 51, indicating limited buying interest as of now.

AG Markets Review

Tuesday, 24 Jan, 2017 / 3:51

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