The euro remains weak against the US dollar ahead of PMI data

The euro remained low after Lagarde’s press conference yesterday, with the price breaking through support at 23.6 Fibo and diagonal in the zone at 1.10612.

Not only is the lack of hawkish rhetoric on the part of the new ECB President despite better data, current negative sentiment also remains key to the single currency.

Currently, the price is levitating in the green support zone, but the currency remains open for additional sales, especially if the upcoming PMI data turns out to be less than expected. If sales accelerate, then we expect it to continue to support at 1.10364.

On the upside, resistance is already the old broken diagonal that will limit the upward movement. However, with a successful break there again, we will expect the price to stabilize at 1.10683, which is 23.6 Fibonacci.

 Trader Martin Nikolov

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