Overall, EUR/USD is trending downwards. Recently, EUR/USD moved higher, breaking the resistance level of 1.08000.
The Eurozone flash PMI data released yesterday were mixed. Both the manufacturing and services sector in the eurozone area were in contraction last month.
With House Democrats and House Republicans coming to an agreement of the massive stimulus package, market participants are starting to go risk-on. Look for short-term buying opportunities of EUR/USD if it fails to break the support level of 1.08000.
The Eurozone flash PMI data released yesterday were mixed. Both the manufacturing and services sector in the eurozone area were in contraction last month.
- Flash Manufacturing PMI (Actual: 44.8, Forecast: 40.1, Previous: 49.2 revised from 49.1)
- Flash Services PMI (Actual: 28.4, Forecast: 40.0, Previous: 52.6 revised from 52.8)
With House Democrats and House Republicans coming to an agreement of the massive stimulus package, market participants are starting to go risk-on. Look for short-term buying opportunities of EUR/USD if it fails to break the support level of 1.08000.
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