NZDJPY Bullish Above 95: Buy Dips Toward 97 as Kiwi Strength Holds Firm 
FxWirePro: USD/CAD retains bid tone,eyes 1.4200 level 
FxWirePro- Major Pair levels and bias summary 
NZDJPY Pulls Back on Kiwi Weakness: Buy Dips at 94.40 Targeting 97 
FxWirePro: USD/ZAR slips as rand gains on U.S.-Iran developments 
FxWirePro- Woodies pivot (Major) 
FxWirePro: GBP/USD slips as Middle East tensions boost safe-haven dollar 
FxWirePro:USD/JPY hovers near 40-year peak,intervention fears linger 
FxWirePro :USD/JPY drifts above 162 as range trading persists 
AUDJPY Pulls Back on Profit Booking: Buy Dips Toward 117/118 
Major Crypto Action Bias: BTC, ETH & SOL Turn Bullish – SOLUSD Leads as the Top Pair to Watch 
JPY Action Bias: USDJPY, AUDJPY & EURJPY Turn Extremely Bullish – Top Pairs to Watch 
ETHUSD Breaks Above $1900 as Bulls Eye $2300 and Beyond 
FxWirePro: GBP/NZD downtrend loses steam, remains on bearish path 
Major Pair Action Bias: USDCHF Turns Bullish as EURUSD Stays Bearish – Key Pairs to Watch 
EURUSD hits a two-year low after dismal Eurozone PMI data. It hit a low of 1.03314 at the time of writing and is currently trading around 1.04203.
The German Flash Manufacturing PMI for November 2024 is reported at 43.2, slightly above the expected 43.0, showing a small improvement but still indicating a decline in the manufacturing sector. The Services PMI fell to 49.4, suggesting a contraction in services activity, while the Composite PMI also dropped to 47.3, reflecting ongoing economic challenges. Despite the slight improvement in manufacturing, analysts warn that rising costs and declining orders, especially in the automotive sector, continue to pressure the economy. Overall, the economic outlook remains difficult with concerns across both manufacturing and services.
The Eurozone Flash Manufacturing PMI for November 2024 is reported at 45.2, showing that the manufacturing sector continues to shrink. This number indicates ongoing difficulties for manufacturers in the region, as any reading below 50 means a decline in activity.
Technical Analysis Overview
The pair remained below both short-term (34 and 55-4H EMA) and long-term (200-4H MA) moving averages.
Resistance Levels: Near-term resistance is at 1.0480. A breakout above this could push the pair towards targets at 1.0520/1.0570/1.0600/1.0660/1.070/1.0760/$1.0835, and possibly 1.0900. Major bullish momentum is expected only if prices surpass 1.1000, which would open the door to 1.1070 and 1.1150.
Support Levels: Immediate support is at 1.0400. A drop below this could lead to further declines to 1.0370/ 1.0330/1.0240.
Indicator Insights (4-Hour Chart): The Commodity Channel Index (CCI) indicates a bearish trend, while the Average Directional Movement Index (ADX) suggests a bearish outlook.
Trading Strategy
Given the weak sentiment in technical indicators, a sensible strategy would be to sell on rallies around the 1.0478-80 mark, with a stop-loss at 1.0550 and a target price of 1.0300 for potential gains.
