During Thursday morning, the EUR/USD currency pair failed to surpass the psychological level at 1.1150.
Given that the pair is pressured by he 55- and 100-hour moving averages, it is likely that some downside potential could prevail.French Flash Services PMI and German Flash Manufacturing PMI
The European Common Currency appreciated against the US Dollar, following the French Flash Services PMI survey results release on Thursday at 07:15 GMT. The EUR/USD exchange currency rate gained 16 pips or 0.15% right after the release. The Euro continued trading at the 1.1155 level against the Greenback.
Markit released the French Flash Services PMI survey results, which came out better-than-expected 52.9 compared to the forecast of 51.6.
Also, note that the German Flash Manufacturing and Services PMIs survey results were released at 7:30 GMT. The German Flash Manufacturing PMI data came out in line with the expectations of 41.9, and the German Flash Services PMI came out worse-than-expected of 51.2 compared with the forecast of 52.0. As the result, the Euro depreciated 12 pips or 0.11% against the Greenback.
Economic Calendar Analysis
This week there are couple events that could affect the EUR/USD pair.
Today, the ECB Monetary Policy Statement, as well the Main Refinancing Rate data releases will be published at 11:45 GMT.
Moreover, the US Durable Goods Orders data will be released at 12:30 GMT.
Take a look at the published historical data tables by clicking on the link below.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair tried to surpass the resistance formed by the 55– and 100-hour SMAs circa 1.1140. During today's morning, the pair tried to exceed the 1.1150 mark.Given that the exchange rate is still pressured by the given moving averages, it is unlikely that some upside potential could prevail. The rate could trade downwards in the short term.
However, note that the currency pair could gain support of the weekly PP at 1.1112. If the given support holds, the Euro could consolidate against the Greenback. Also, note that the pair could be affected by the ECB Monetary Policy Statement release at 11:45 GMT.
Hourly Chart
On the daily candle chart, the pair has reached the resistance of the 100-day simple moving average. The SMA is both providing resistance and signalling that the EUR/USD is no longer oversold on the larger scale.
Daily chart
Since Wednesday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were slightly bearish, as 56% of orders in the 100-pip range were set to sell and 45% were to buy.