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  • US ISM Manufacturing PMI slumps to a three-year low of 49.1 and EUR/USD jumps.
  • The market is correcting up in the near term.  
 

EUR/USD daily chart

 
On the daily time-frame, the common currency is trading in a bear trend below its main daily simple moving averages (DSMAs). EUR/USD is recovering modestly as the US ISM Manufacturing PMI drops to three-year low at 49.1.  

EUR/USD 4-hour chart

 
EUR/USD is challenging the 1.0961 resistance while trading below its main SMAs. Bears will need to reclaim this level if they wish to resume the downtrend towards the 1.0954, 1.0936 and 1.0913 according to the Technical Confluences Indicator.
   
   

EUR/USD 30-minute chart

 
EUR/USD is trading above the 50/100 SMAs, suggesting a consolidation in the near term. The correction up can extend towards 1.0994, 1.1018, 1.1036 and 1.1070, according to the Technical Confluences Indicator.  

Additional key levels