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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.
