EUR/USD Eyes Upcoming European Manufacturing Reports
Good Investment Group | Jul 20, 2015 02:59AM ET
In the past week, the EUR/USD price broke the 20 MA Weekly time frame. Suggesting the market might want to check the 1.0458 level, the lowest level since March this year.
By looking at the weekly chart, we clearly see that there is a buying pressure around $1.04 to $1.08, and currently the 10 MA is above 20 MA. A buying positions will certainly take place, if price will go up again above 20MA.
RSI indicator is below 50.0 and confirms sell positions. It seems that the move up since last March, is only a correction, and prices now are good selling points.
This week will turn volatile during its end, US unemployment reports in Thursday and manufacturing reports in Europe during Friday, will most likely move the market and reveal definite direction.
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