Current level – 1.1071
Bulls managed to gain the upper hand during yesterday’s trading session, aided by the slump in the US Manufacturing PMI and the Trump administration imposing fresh tariffs on steel and aluminium imports from Brazil and Argentine. The EUR/USD managed to push through the resistance at 1.1063 and reached the next one at 1.1090, but was unable to break through and close above it in order to confirm a more bullish scenario. We are currently observing a correction of the unusually big daily move and a more major decline towards 1.1017 is not excluded. First support lies at 1.1963 and the closest resistance is at 1.1090. If the latter is broken, a move towards 1.1140 will become more probable.
Current level – 109.14
After reaching the level of resistance at 109.60, we witnessed the expected correction towards the support level at 108.90 as a result of USA’s decision to lead an all-front trade war, as well as due to the weak PMI Manufacturing data in the US. If market sentiment improves, another test of the resistance of 109.60 will become more probable.
Current level – 1.2930
The currency pair is currently continuing its movement in the range 1.2820-1.2965, with the sentiment being rather positive for a break of the resistance at 1.2965. For today’s trading session, increased volatility might be triggered by the PMI Construction data for the UK (09:30 UK time).