Eurozone services PMI came in at 53.3 points exceeding the forecast by 0.3 points. The index is considered as an indicator of economic conditions in the service sector, and a reading above 50 points represents stability of the situation and is seen as a positive factor for the Euro. Retail sales were up to 0.4% and 2.0% in monthly and annual terms, respectively, that also supported the European currency.
Today, attention needs to be paid to US macroeconomic statistics. In particular, initial jobless claims are expected to be down to 271K that might strengthen the US dollar. According to the forecast, the indicator of factory orders will come in at 2.0% supporting the US currency as well.
On the 4-hour chart, EUR/USD is trading near the middle MA of Bollinger® Bands. The price remains below the MA50, EMA100 and MA144, all directed down. MACD histogram is in the negative zone; its volumes are gradually falling. ADX is falling; DI lines are directed down.
- Support levels: 1.0840, 1.0810.
- Resistance levels: 1.0880, 1.0900, 1.0915, 1.0945, 1.0995.