Monday, April 23, 2018
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EUR/USD headed back to 1.2450, EZ PMIs in the pipe
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  • EUR/USD still near three-year highs.
  • German, European Manufacturing PMI on the docket.

EUR/USD managed to find some support in the 1.2390 region during New York yesterday, and is currently making higher lows through Tokyo. Despite the recent turnaway from the multi-year high of 1.2537, price is still finding buyers in the current price zone, or at least is unable to find the right sellers.

Data on the Docket

Plenty of economic reporting happening during the London/NY market session today, beginning with the Swiss SECO Consumer Climate at 06:45 GMT, followed by the usual battery of Markit Manufacturing PMIs for Switzerland at 08:15,  Italy at 08:45, France at 08:50, Germany at 08:55, and Greece and the broad Eurozone at 09:00. Any unexpected positive news for Europe’s manufacturing sector could send Euro bulls into fresh buying confidence.

Europe-UK Brexit hostilities continue to rear their heads, with the EU threatening to impose sanctions on the UK to prevent the kingdom from using Brexit as an opportunity to undermine European trading conditions.

EUR/USD Technical Levels

Daily charts are still showing a strongly-performing pair that has retraced little recently, and H4 charts are finding support on the 34 EMA at 1.2393. Tokyo session provided price resistance at 1.2425, and the daily pivot points heading into London are:

R2: 1.2513
R1: 1.2463
PP: 1.2425
S1: 1.2375
S2: 1.2337

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