The EUR/USD worth shaped a bullish engulfing sample forward of the necessary EU CPI and PMI numbers set for later right this moment. The EURUSD is buying and selling at 1.2042, which is barely above yesterday’s low of 1.2000.
EUR/USD information: The euro to USD worth will right this moment react to the important EU companies PMI numbers that can come out at 09:00 GMT. Economists anticipate the information will present that the PMI dropped to 45.0 due to the lockdowns. This would be the lowest the determine has been in months.
The pair can even react to the EU preliminary CPI and PPI numbers that might be launched by the Eurostat. The information will in all probability present that client and producer costs rose barely in January. They may nonetheless be beneath 2%. Later right this moment, the EUR/USD will transfer after the US PMI numbers. Additional, for the following two days, the US will publish necessary employment numbers.
EUR/USD technical outlook
The EUR/USD worth dropped beneath the necessary resistance degree of 1.2053 yesterday. It then hurriedly dropped to the 1.2000 degree on the identical day. This was in keeping with my earlier EURUSD prediction.
Right this moment, it has shaped a bullish engulfing sample, which means that bulls will try to return again to the market. If this occurs, the following key degree to observe might be 1.2080 earlier than the pair reumes the downward development. Due to this fact, in my opinion, the pair will nonetheless transfer to 1.1150 within the quick time period however a transfer above 1.2080 will invalidate this development.
EURUSD technical chart
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