Back

European PMI’s Beat Forecast; Manufacturing and Services Sectors Rebound; EUR/USD Jumps Higher

Aug 22, 2019 (08:03)

by John Knobel

Latest Euro Area Manufacturing PMI data indicates EU Manufacturing and Services Sectors rebound;
Surprise increase in Manufacturing PMI increased to 47 in August from 46.50 in July of 2019; however a reading below 50 indicates contraction;
EUR/USD jumps +40 pips higher from session low on the data;

EUR/USD (Daily Chart) potential for +300 pips on the upside towards the 1.14's from 1.1070 support? Early signs of a potential Non Failure Swing Bottom (Bullish Technical Analysis Pattern) in the works; key support area being established at 1.1070; current price 1.1104; Upside potential upon completion of the pattern indicated at the 1.1404 resistance; while downside support seen at 1.1070 and 1.1027;

A failure swing is a pattern that technical analyst used to enter positions in anticipation of a trend reversal. In other words, a position is taken against the current trend. Buy signals in this case for the EUR/USD may occur on breaks above points B & D (Daily Chart);
The pattern is deemed incomplete if price fails to hold above point C (Daily chart); a technical trader may then decide to abandon the idea of entering new longs and open new positions in the direction of the prevailing trend.

Source: FXGM/Bloomberg

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

Risk Warning and Disclaimer: Major risks connected with recommendations or opinions in this research report, including sensitivity analysis of relevant assumptions, are stated herewith. Contract for Differences (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. Trading Over The Counter (OTC) CFDs carries a high level of risk and can result in the loss of all of your investment. CFDs may not be appropriate and/or suitable for all investors. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. You should not invest money that you cannot afford to lose. Before deciding to trade, you should be aware of all the risks associated with OTC CFD trading, and seek advice from an independent and suitably licensed financial advisor. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. This research report provided by Depaho Ltd is a marketing communication that should not be interpreted as investment advice. This material is non-independent research. Non- independent research is “marketing communication”as indicated in Article 24(3) of MiFID II. It has not been prepared in accordance with the full legal requirements designed to promote independence of research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This material may include “Investment recommendations” as defined in Article 3(1)(35) of the Market Abuse Regulation (“MAR”), namely any publications which may contain information that explicitly or implicitly recommends or suggests an investment strategy concerning a financial instrument, including opinion as to the present or future value or price of such instruments. Additional information with respect to any financial instrument referred to herein may be made available on request. The content of this material does not take into account the particular investment objectives, financial situation or needs of the recipients of this material. Before acting on any recommendations in this material, recipients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional independent advice.

Live Feed

Instrument	Bid	Ask

Traders Trends new

See what others are Trading

Start trading