- Outlook EUR / USD Outlook has turned a little roughly reversed after childbirth of the Eurozone PMI.
- Business activity in the eurozone crossed below 50 in May.
- The dollar remained fragile because market participants looked at the progress of Trump’s tax account.
Outlook EUR / USD Outlook has turned a little rough on Thursday after the data has detected a contraction in the respective activity of the eurozone in May. However, the euro remained near the hits of the HIT at the previous session while Greenback fell to American fiscal concerns.
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Data on Thursday, they discovered that the business activity in the eurozone was crossed below 50 in May, indicating contraction. The composite PMI fell from previous reading from 50.4 to 49.5. The decline in the coat is mainly from the service sector. Meanwhile, production remained stable.
Soft data can increase the pressure on the European Central Bank at lower interest rates at the next meeting. However, policy makers will continue to watch incoming data for further traces in the scope of damage to Trump Tariffs had in economics.
Meanwhile, the dollar remained fragile because market participants looked at the progress of Trump’s tax account. The American currency had a hard week after Mood stopped the US government’s credit rating due to growing debt. Movement weakened investor confidence in American property.
Wednesday, the United States reported that the poor treasury auction, confirming the decline in demand. Trump account moves slowly toward the Senate. If it is made, it will increase the load of American debt debt, further injuring investor trust.
EUR / USD Key events Today
- Unemployment requirements
- Flash production PMI
- Flash Services PMI
EUR / USD Technical Outlook: Price Pause After New High
On the technical side, EUR / USD price paused its rally after breaking above the level of resilience at 1,1301. However, it is well managed above SMA with RSI above 50, which supports the bias of the bakery.
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Earlier, the price traded in decline until the level of support from 1,100 was reached. Here, the bulls appear strong enough to push the price above the 30th. After that, they confirmed the Bullar turnaround by making more low and higher high.
However, the price of pricing shows indecision. Most candlesticks have small bodies with Wicks. This is a sign that no bears or bulls are ready to commit to a strong move. However, given the bias bias, the price could soon increase to reach the next resistance at 1,1500.
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