EUR/USD Little Changed Ahead Of Euro Zone PMI Data
Capitol Academy | Nov 20, 2014 03:06AM ET
EUR/USD prices found a temporary support around $1.2550 ahead of multiple important economic indicators releases today, including French and German manufacturing PMI (Nov) and eurozone Manufacturing and Markit Composite PMI. However, any rally will be short lived as main trend for the EUR/USD pair remains.
EUR/USD prices continue to move within a bearish flag supporting further decline. Once again prices rally faced a resistance from the upper line of the flag. If the EUR/USD pair breaks below the lower line of the flag, the decline will accelerate and prices could reach the flag potential target below $1.2200-mark. Since the main trend is bearish, so any rally provides a good opportunity to “short” the pair.
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