Possibility of turning EUR/USD on its head after finding strong support near the multi-year pivot zone

EUR/USD currency pair – technical analysis of forex trading and binary options brokers

Eurozone – German Flash Manufacturing PMI

On Wednesday, at 08:30 am GMT, Markit will release German Flash Manufacturing PMI data, which measures the level of the Diffusion Index based on a survey of about 500 purchasing managers in the country. Binary options traders look at a number  Flash Manufacturing PMI to be a leading indicator of the German economic climate as PMIs always have a view on business conditions such as business, production capacity, most new orders and inventory status. Last month, the German Flash Manufacturing PMI number came out.  at 55.0 in and expectations for this month are currently set at 54.8.

US - Core durable goods orders

On Wednesday, at  01:30 pm GMT, the US Census Bureau released the monthly durable goods orders number, which measures the change in the total value of all new purchase orders placed by US companies for durable goods over the past month. However, the US Census Bureau excludes goods from the transportation sector in this figure in order to provide an accurate picture.

Binary options traders look at core durable goods orders to be a key gauge of the state of production in the economy, as an increase in purchase orders indicates US manufacturing activity and growth that will occur in the near future. Thus, it is one of the main indicators of the US economy in general.

Last month, core durable goods orders rose 0.1%, and expectations for this month are now set for an increase of 0.2%.

Trading recommendations for the EUR/USD currency pair

Currency pair EUR/USD - Forex - 21 Nov

During the last month, the price of EUR/USD fell by about 730 pips, and finally it found strong support around the pivot area during several years near the level of 1.0567.

As the US durable goods order number is expected to increase, and the German flash manufacturing PMI is expected to decline, the fundamental outlook for the EUR/USD is likely to remain bearish this week. However, as the price of the EUR/USD has fallen very sharply over the past two weeks, there is a good chance it will jump a little higher before easing further lower. Thus, from a technical point of view, if the price is broken  The EUR/USD is above last Friday's level, which was at 1.0645, and is likely to attract additional bullish momentum in the market.

Under these circumstances, it would be advisable for traders to consider placing a buy order for EUR/USD with forex and binary options brokers as soon as the price closes above the 1.0645 level on the daily time frame.

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Ahmed A.
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