The EUR/USD pair has bottomed for the day at 1.2069, still holding above a major support level at 1.2060, the 38.2% retracement of its November/January rally, below which the bearish case is set to strengthen, FXStreet’s Chief Analyst Valeria Bednarik reports. Key quotes “The shared currency fell despite better-than-expected data. The final version of the European Markit Manufacturing PMIs were upwardly revised, with the German index up to 57.1 from 57 and the Union’s index printing at 54.8. German Retail Sales, however, fell 9.6% MoM in December, much worse than anticipated. The American session will bring the January Manufacturing PMI for the US and the official ISM index, this last, foreseen at 60 from 60.7 in December.” “The 4-hour chart shows that the risk is skewed to the downside, as the pair is developing below firmly bearish 20 and 100 SMAs. Technical indicators turned south, heading lower within negative levels.” “A steeper decline could be expected on a break below the 1.2060 Fibonacci support, with investors eyeing an extension towards 1.1970.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI trades modestly higher, stays below $53 FX Street 1 year The EUR/USD pair has bottomed for the day at 1.2069, still holding above a major support level at 1.2060, the 38.2% retracement of its November/January rally, below which the bearish case is set to strengthen, FXStreet’s Chief Analyst Valeria Bednarik reports. Key quotes “The shared currency fell despite better-than-expected data. The final version of the European Markit Manufacturing PMIs were upwardly revised, with the German index up to 57.1 from 57 and the Union’s index printing at 54.8. German Retail Sales, however, fell 9.6% MoM in December, much worse than anticipated. The American session will bring the January Manufacturing PMI… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
